What is this, 2007? Sterne Agee came out with positive comments Thursday on Crocs (CROX), the Niwot, Colo., maker of shoes with holes in them, that half a decade ago had a cult following before cratering.
The firm believes you should get long the stock, and it's happy affirming a previously issued buy rating and a $30 target. That's well above the $23.86 consensus price shown on FactSet, and it's 85% above where the stock closed in the prior session.
But if you remember back a few years, it's also nowhere near the prices Crocs once knew.
Crocs, now 10 years old, hit its all-time high of $74.75 on Oct. 31, 2007 -- just over a year later it was trading for $1. Clearly, it's a long way from those top days for the stock, as the chart below shows, but in fairness, it's seen a lot worse too.
Sterne Agee's backing, which looks to be the high estimate on Wall Street, helped the shares end the day up 40 cents, or 2.5%, at $16.61. After Sterne, the next-highest target is from Piper Jaffray atRead More »from Crocs: Buy Stock in the Slip-On Shoemaker, Analyst Says