Crocs, Inc. (NASDAQ:CROX) shares were soaring on Friday as an analyst upgraded the stock.
An analyst over at Stifel upgraded the stock from a “hold” to a “buy” on Friday, helping to carry forward the company’s rally, which has been ongoing since May. The stock is up more than 16.9% on Friday to go along with its price more than doubling throughout the course of the calendar year.
Crocs last reported on its its quarter last week, unveiling a loss of three cents per share, which was an improvement over the loss of seven cents per share from the year-ago quarter. Analysts were calling for a loss of five cents per share.
Revenue was also strong during the company’s third quarter at $243.27 million, which beat Wall Street’s consensus estimate of $237.51 million. However, the figure fell from the $245.89 million that Crocs raked in a year ago.
For its current quarter, the company projects revenue to be about flat in the range of $180 million to $190 million compared to the year-ago quarterly revenue of $187 million.
Crocs is now hoping to return to revenue growth and profitability in 2018, and it may just do so as analysts are calling for the company to bring in average earnings of 23 cents per share during 2018, which would put the company’s price-to-earnings ratio at a solid 54.
Stifel has high hopes for the company that other analysts may not share.