Stifel Comments On Crocs Following New CEO Announcement
Crocs, Inc. (NASDAQ: CROX) on Monday announced the appointment of Gregg Ribatt as its new CEO, effective at the end of January.
"We are pleased with the appointment of Gregg Ribatt as CEO," Stifel analyst Jim Duffy wrote in a note to clients. "Ribatt is largely credit with Sperry's emergence as a lifestyle brand and significant growth prior to its acquisition by Wolverine."
The analyst maintained a Buy rating and $19 price target.
Duffy does note that the appointment was “generally anticipated” following his appointment to the Board of Directors last year along with an expiring non-compete clause with Wolverine. The analyst adds that Ribatt's expertise is in products and operations, which will bode well and complement the company's current management team.
Duffy isn't anticipating a change in strategy at the company and expects continued execution of the current strategic performance improvement plan. As such, the analyst expects the company to execute on its strategic initiatives to generate long-term shareholder value.
Latest Ratings for CROX
Dec 2014 | Sterne Agee | Upgrades | Neutral | Buy |
Oct 2014 | Monness Crespi Hardt | Maintains | Buy | |
Oct 2014 | Wunderlich | Initiates Coverage on | Buy |
View More Analyst Ratings for CROX
View the Latest Analyst Ratings
See more from Benzinga
Citigroup Upgrades Apollo Global Management, Says 'The Only Thing Distressed Is The Stock Price'
Bank Of America Downgrades Microsoft, Cites 'Murkier Outlook'
CVS Health Provides 2015 Guidance, Dividend Hike And New Share Buyback Program
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.