Crocs price target raised to $100 from $89 at Needham

Needham raised the firm’s price target on Crocs (CROX) to $100 from $89 and keeps a Buy rating on the shares. The resignation of CFO Susan Healy, effective immediately, is surprising, the analyst tells investors in a research note. The firm is encouraged by replacement Patraic Reagan’s experience in the softlines sector and views his hiring as a positive development for Crocs. The company also reiterated its Q3 guidance, which is encouraging given the volatility in fundamentals year-to-date, contends Needham. It upped the stock’s target citing a less conservative valuation multiple.