Consolation For Demolished Crocs (CROX): Going To Double From Here

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at