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Blackstone, Pending New CEO are 'Game-Changers' for Croc, Buckingham Says

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On Thursday, Buckingham Research Group initiated coverage on Crocs (NASDAQ: CROX) with a Buy rating and $20 price target.

“Blackstone's involvement and the pending new CEO announcement are game-changers for CROX long-term,” said analyst Scott Krasik.

Earnings per share growth in 2015 will be driven by “expense cuts and share buybacks,” according to the analyst.

The $20 price target is based on “shares trading at 21x (peer group average) our FY16 EPS estimate of $1.21 discounted back two years.”

Shares are up 0.4 percent to $14.85 in Thursday's trading.

Latest Ratings for CROX

DateFirmActionFromTo
Oct 2014WunderlichInitiates Coverage onBuy
Sep 2014Buckingham ResearchDowngradesBuyNeutral
May 2014CL KingUpgradesNeutralStrong Buy

View More Analyst Ratings for CROX
View the Latest Analyst Ratings

Posted-In: Buckingham Research Scott KrasikAnalyst Color Price Target Initiation Analyst Ratings

 

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