Crocs (CROX), the maker of the (debatably) fashionable footwear of the same name, has seen better days. The stock’s 52-week high of over $75 is a distant memory, but that doesn’t mean CROX doesn’t still have its fans.
Piper Jaffray sees a buying opportunity, even as they throw in the towel and slash their estimates and target. Based on channel checks, Piper believes that:
- reduced expectations are already priced into the stock
- the company is working down its inventory levels
One can always hope. But, in our experience, once a momentum story like this breaks, the turnaround usually takes more than a few months.
Piper maintains BUY on Crocs (CROX), target price from $26 to $17.
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