Crocs shares rise after upgrade on 'robust' clog lineup
Crocs Inc. stock rose 2.4% in Friday premarket trading after Baird upgraded shares to outperform from neutral and added the shoe company to its "Fresh Pick" list. Analysts led by Jonathan Komp think the company's recent stock decline is overdone, and point to brand momentum and a strong pipeline of clogs to come as reasons for optimism. Crocs shares have taken a 31.2% tumble in 2019 while the S&P 500 index has gained nearly 18%. "We see potential for upside to Q2 estimates and for brand heat to carry well into 2020 given a robust clog/sandal pipeline, planned additional collaborations, and emerging international opportunities," the note said. Among the items on the way are an all-terrain clog with elevated traction and premium clogs, including a pair priced at $55 "that plays to the dad shoe trend."
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