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Investing.com – Crocs stock (NASDAQ:CROX) stock rose 3% Friday as several brokerages turned bullish on it after Thursday’s results instilled confidence in the casual footwear maker’s turnaround story.
The company, once on the verge of bankruptcy four years ago, reported a jump of 73% in third-quarter revenue to $626 million. Profit climbed around two-and-a-half-times to $153.48 million and the company raised full-year revenue and operating margin guidance.
Both sales and earnings were well ahead of analysts’ expectations.
Annual revenue is now seen rising to $2.25 billion at midpoint from 2020’s. $1.38 billion. Adjusted margin is expected to come in at 28%.
Baird analyst Jonathan Komp gave a thumbs up to the results, rising the price target to $250 from $215 while maintaining his outperform rating on the stock. From the current levels, the fresh target translates into a big upside of 62%.
Piper Sandler expects the stock to touch $215.
Stifel’s Jim Duffy was more conservative, raising the target on Crocs to $157 from $151. The stock is already trading past the new target. He has a hold rating on the stock.
“They just reported earnings, had a monster quarter here,” Inside Edge Capital Management founder Todd Gordon told CNBC Thursday. His firm holds shares in Crocs, according to the channel.
