Barclays lowered the firm’s price target on Crocs (CROX) to $125 from $164 and keeps an Overweight rating on the shares. Q3 results beat expectations on sales, operating margin, and earnings per share, though despite the beat, the quarter did not flow through to fiscal 2024 EPS as guidance was narrowed for most metrics, the analyst tells investors in a research note. The firm noted that Q4 guidance came in “well below expectations” and weighed on the full year due to a tough macro backdrop and HEYDUDE taking longer to turn.
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Read More on CROX:
- BofA cuts Crocs target but defends shares on selloff
- McDonald’s, Ford, Pfizer report Q3 earnings beats: Morning Buzz
- Morning Movers: McDonald’s lower, Pfizer higher after earnings releases
- Crocs narrows 2024 adjusted EPS view to $12.82-$12.90 from $12.45-$12.90
- Crocs reports Q3 adjusted EPS $3.60, consensus $3.10
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