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Analysts, who reiterated a Buy rating on the stock in their earnings preview note, said the firm has increased confidence that HOKA’s “robust growth trends” will continue.
“Our F24E EPS of $23.50 remains 7% above V.A. consensus driven by 31% HOKA growth and 40bp of EBIT margin expansion (vs stable guide),” the analysts wrote.
“We think avg buyside expectations are closer to our ests and acknowledge the bar is getting higher. Our conviction level remains high that estimates will gravitate higher over the next several qtrs,” they added.
BofA believes investors will support the multiple expansion as HOKA composition as a percent of total sales increases and U.S. wholesale improves.
