2024-03-08 08:30:00 ET
Summary
- Crocs investors have outperformed the S&P 500 significantly since my previous update, as I urged investors to grab CROX's fantastic bargain.
- The company's international business demonstrated significant growth momentum, providing confidence for a more robust performance in 2024.
- Challenges in the HEYDUDE segment are expected to normalize, and management's revised guidance for FY24 suggests improvement.
- I explain why CROX can continue to grind higher as value and momentum investors return to the highly profitable casual footwear company.
- While the best dip-buying opportunities are likely over, please don't wait till it hits the $150 level before considering returning.
My Bullish Thesis On CROX Played Out Very Well
Investors in leading casual footwear brand Crocs, Inc. ( CROX ) have performed very well since my last update in December 2023. I urged investors to capitalize on CROX's fantastic bargain , as the market was too pessimistic. Accordingly, CROX has recovered nearly 30% since then, well ahead of the S&P 500's ( SPX ) ( SPY ) 7.6% gain over the same period. Notwithstanding the recovery, CROX's relatively attractive valuation (assigned a "B-" valuation grade by Seeking Alpha Quant) suggests more potential upside could be in store....
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Crocs: After Beating The Market, Expect More To Come