Crocs Stock Continues To Climb Following Sydney Sweeney Deal: What's Going On?

Crocs Inc CROCS shares are moving higher Thursday, adding to strong gains for the week. On Wednesday, the company announced a deal to make actress Sydney Sweeney the global spokesperson of HEYDUDE.

What To Know: HEYDUDE, which is owned by Crocs, announced a long-term global partnership with Sweeney, making her the spokesperson of the company. Crocs shares traded higher on the news and closed the day up more than 4%.

The company said Sweeney will lead a new brand campaign focused on creating a movement of “Dudes.” The campaign leans into HEYDUDE’s namesake and celebrates the brand’s definition of “Dude,” focused on comfort, confidence and embracing all sides of self. The two-time Emmy nominated actress will appear in HEYDUDE content and invite others to be comfortable in their own shoes.

“It’s not every day that a generational talent and style icon also authentically lives your brand. So, asking Sydney to join us to expand the perception of what it means to be a Dude was something we had to do,” said Terence Reilly, president of HEYDUDE.

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On Thursday, Williams Trading upgraded Crocs from Hold to Buy and raised its price target from $135 to $163. The upgrade appears to driving shares higher Thursday morning.

Crocs shares may also be getting a boost this week following Target Corp’s TGT strong quarterly results. Target sells Crocs products online.

Target beat analyst estimates on the top and bottom lines as comparable sales jumped 2% and digital comparable sales climbed 8%. The company said its growth was driven entirely by traffic in stores and digital channels. Target also raised its full-year outlook, citing improving trends across its discretionary categories, most notably in apparel.

CROX Price Action: Crocs shares closed Wednesday up 4.14%. The stock was up another 1.38% at $142.54 Thursday morning at the time of publication, according to Benzinga Pro.

Photo: courtesy of Crocs.

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