Goldman Sachs initiated coverage on Crocs CROX with a Buy rating and a $17 price target.
Goldman Sachs commented, "We think 3Q12 nicely reset expectations ahead of the company's core spring/summer selling season. Accelerating backlog growth reinforces customer confidence ahead of the company's strongest and highest margin season. Although management guided to 10%-15% sales growth with 14%-15% operating margins for 2013, it did not provide an explicit EPS target as it did these past six months. With the Street now at $1.56 (vs. $1.74 pre 3Q) for 2013 EPS, we see an opportunity for CROX to guide up and exceed expectations as it enters its key 1H selling season."
Crocs closed at $12.35 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in