Crocs, Shoe Carnival Surge Higher After Susquehanna Upgrades
Analyst Sam Poser upgraded Shoe Carnival from Neutral to Positive with a $42 price target.
Poser upgraded Crocs from Neutral to Positive with a price target lifted from $25 to $31.
Analyst: Shoe Carnival Pullback Unwarranted
With significant improvements in customer engagement and merchandising becoming evident, Poser said to buy Shoe Carnival.
Shoe Carnival’s recent double-digit pullback is unwarranted, and the correct levels of more relevant assortments should give the company's results ongoing momentum, the analyst said in the Wednesday upgrade note.
“Given the strong results and improved, yet conservative outlook, we had not anticipated an opportunity to upgrade the company in the near term."
Shoe Carnival shares were up 4.27 percent at $34.94 at the time of publication Wednesday.
Bullish On Crocs
“The action removes a significant financial overhang from the company’s capital structure/P&L and shifts more control of CROX business into the hands of existing and potential shareholders,” the analyst said.
Susquehanna sees Crocs’ business continuing to accelerate as products improve and the brand gains mindshare through compelling collaborations.
Crocs shares were up 5.16 percent at $27.32 at the time of publication.
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