: Crocs’ stock runs up toward a 3 1/2-month high after Raymond James recommends going all in

Shares of Crocs Inc. CROX jumped 4.5% toward a 3 1/2-month high in morning trading Tuesday, after Raymond James’ Rick Patel said he was even more bullish on the footwear maker, citing valuation and “increasing confidence” that results will keep improving next year. The stock has climbed 8.6% amid a four-day win streak, which would be the longest such streak since the four-day stretch that ended Aug. 23, and has soared 30% since it closed at a one-year low of $77.27 on Nov. 13. Patel raised his rating on the stock to strong buy from outperform, boosted his price target to $115 from $98 and added it to the “Analyst Current Favorites” list. Earlier this month, Crocs reported third-quarter results that beat expectations, but the stock sank because of a downbeat fourth-quarter outlook. “The stock being higher since then shows how low the bar was for [Crocs] and we see further upside ahead,” Patel wrote in a note to clients. “We raise estimates slightly upon a further review of our model and believe [Wall] Street 2024 estimates reflect the low-end of likely revenue outcomes for Crocs and Heydude.” The stock has has tacked on 3.8% over the past three months while the S&P 500 SPX has gained 3%.

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