Here's Why Shoemaker Crocs Stock Skyrocketed 47% in July
Shares of Crocs (NASDAQ: CROX) skyrocketed 47.2% in July, according to data provided by S&P Global Market Intelligence. This left the 9.1% return of the S&P 500 far behind. Oddly enough, there was little good news for the company during the month on a fundamental basis. But maybe investors were finally calming their nerves regarding the economy and realizing how cheap Crocs stock had become.
In late June, Crocs stock hit a new 52-week low of $47.21 per share. And it was still trading around this price once July started.
On July 5, Loop Capital analyst Laura Champine became more optimistic about Crocs and upgraded the outlook for the company from hold to buy, giving it a price target of $75 per share, according to The Fly. For perspective, it traded around $48 per share at the time, suggesting a whopping 56% upside.
Source Fool.com
