09:05 AM EDT, 05/07/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month price target by $11 to $156, based on 12.5x our 2024 EPS estimate and below the company's 5-year average forward P/E multiple of 14.6x. We maintain our 2024 and 2025 EPS estimates of $12.50 and $14.00, respectively. CROX posts normalized Q1 EPS of $3.02 vs. $2.61, $0.77 above consensus estimates on revenues of $939M vs. $884M and $54M above estimates. By brand, Crocs ( CROX ) revenues grew 14.6% Y/Y and HEYDUDE revenues declined 17.2%. Q1 adjusted gross margin improved 180 bps to 56.0%. CROX said it has lowered revenue expectations for HEYDUDE for the year, but continues to believe in the long-term potential of the brand. Inventory was down 17.6% Y/Y and is well positioned moving forward. We expect CROX to maintain its focus on deleveraging, which we believe will drive EPS significantly higher over the next 12 to 24 months. We continue to believe that the company's multiple has room for expansion as well and believe CROX is a top pick within the footwear sub-industry.