Raymond James analyst Rick Patel upgraded the rating on the shares of Crocs Inc (NASDAQ: CROX) from Outperform to Strong Buy and raised the price target from $98 to $115.
The analyst models CROX’s FY23 revenue at 10.3% growth, in line with the street view.
The analyst raised FY24 revenue estimation to +4% from +3% to reflect stronger momentum continuing at Crocs versus the street view of +4.5%.
When considering the range of FY24 growth outcomes possible for Crocs and HEYDUDE, the analyst believes the estimates are achievable and likely beatable.
The analyst writes ...