Crocs Inc (NASDAQ:CROX) shares are trading higher Tuesday following bullish analyst coverage from Loop Capital.
Loop Capital analyst Laura Champine upgraded Crocs from a Hold rating to Buy and announced a $75 price target, citing positive channel checks.
Following a series of channel checks, Champine found encouraging signs that suggest investor sentiment has become too negative. As a result, the Loop Capital analyst believes the risk/reward opportunity has become more attractive. Champine also noted that Crocs' valuation looks more appealing after falling nearly 60% since the start of the year.
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CROX Price Action: Crocs has traded between $183.88 and $46.08 over a 52-week period.
The stock was up 7.01% at $51.31 at press time, according to data from Benzinga Pro.
Photo: Martin Abegglen from Flickr.
