CROX - Crocs Q4: Looking For HEYDUDE To Rebound In Second Half

2024-03-07 15:16:43 ET

Summary

• The Crocs brand has continued to performed well with strong growth in international markets.
• HEYDUDE brand remains a challenge, but the company's outlet store strategy may help improve performance.
• The stock continues to remain materially undervalued compared to other footwear companies.

I started coverage of Crocs ( CROX ) with a “Buy” rating last March , arguing the company was undervalued and the Crocs brand had staying power and a number of growth opportunities. The stock is flattish since then. I later upgraded the stock to “Strong Buy” in June, and last wrote about the stock in December , calling it the most undervalued footwear company entering 2024. It is up nearly 30% since that last write-up....

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