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

On Thursday, Buckingham Research Group initiated coverage on Crocs

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.