Struggling shoe-maker Crocs (CROX) received a vote of confidence from another investment firm, sending CROX stock up sharply in Wednesday morning trading.
Crocs shares surged almost 4% after Piper Jaffray changed its rating on Crocs stock, moving Crocs up form a prior rating of “Neutral” to “Overweight,” Ticker Report notes.
Piper Jaffray’s upgrade follows similar Crocs stock ratings improvements at a number of other investment firms, including Monness Crespi & Hardt and Imperial Capital.
Among analysts who follow Crocs stock, Crocs has a consensus rating of “Hold.” The consensus among analysts currently shows a target price of $16.16 per share of Crocs stock.
In November, rumors circulated that Crocs was still discussing possible investment deals with venture capital firms, but was no longer the likely target of a takeover.
Over the past year, Crocs stock has remained flat. CROX stock closed at $15.26 per share on Tuesday.