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By Sam Boughedda
Investing.com -- Shares of Crocs Inc (NASDAQ:CROX) rose Thursday after Baird analyst Jonathan Komp reiterated an Outperform rating and added the stock to Baird's Fresh Pick List.
The analyst, who set a $120 price target on Crocs, said the stock is a top near-term recovery idea, with shares down 58% year-to-date despite revenue and earnings per share growth.
Last week Crocs beat first-quarter top and bottom-line estimates, posting earnings of $2.05 per share on revenue of $660.15 million. Analysts polled by Investing.com expected earnings of $1.55 per share on revenue of $622.23 million.
Komp said that "the current levels are at/near CROX's March 2020 COVID lows," bottomed at 6x price-earnings and 5x enterprise value/EBITDA.
He added that valuation levels are now too low, and the stock is signaling a higher conviction trading call.
Crocs stock closed Thursday's session up 7%, just above $56 per share.