Piper Sandler Upgrades Crocs to Overweight, Raises Price Target to $150
CROX•Piper Sandler upgraded Crocs to Overweight from Neutral, raising its price target to $150 from $95 after North America DTC sales returned to mid-single-digit growth in Q1 2026 and Heydude recovery. The firm forecasts EPS of $13.90 in 2026 and $15.24 in 2027, backed by $100 million cost savings and repurchases.
1. Brokerage Upgrade and Price Target
Piper Sandler upgraded the rating to Overweight and increased the price target from $95 to $150, reflecting a more attractive valuation after recent sales improvements.
2. North America DTC and Heydude Performance
Crocs' North America direct-to-consumer business returned to mid-single-digit growth in Q1 2026, its strongest since Q2 2024, while the Heydude brand showed early signs of recovery across key channels.
3. EPS Forecasts and Cost Savings
The firm projects earnings of $13.90 per share in 2026 and $15.24 in 2027, backed by approximately $100 million in cost savings, ongoing share repurchases, and improved markdown discipline.
4. Digital Channels and Wholesale Outlook
TikTok sales are expected to rise to 3% of brand revenue in 2026, fueling DTC growth, and strengthening online demand has begun to support North America wholesale orders after a prolonged downturn.
