It’s time to buy shares of Crocs , which could climb more than 50% after its stock slump this year, according to Loop Capital. Research director Laura Champine upgraded shares of Crocs to buy from hold, saying in a Tuesday note that the stock is looking cheap after investors ditched what had been a beneficiary of the pandemic. “Investor sentiment on the stock has changed completely as Crocs has been put in the ‘Covid winner’ camp, and the stock has now declined over 60% YTD,” Champine wrote. “Trading at 5x our current year EPS estimate and sporting a 16% FCF yield, we are willing to step in despite the dodgy macro environment.” Loop Capital maintained a $75 price target, which represents more than 50% upside from the company’s recent closing price. Champine believes the stock looks attractive, even as Loop lowered its earnings estimates for the footwear brand on weaker consumer spending. Loop lowered its 2022 adjusted earnings per share estimate by 40 cents, to $10.22. Loop’s 2023 EPS estimate of $10.90 is below the consensus estimate it pegged at $11.97. “Our checks point to healthy sell-through and normal discounting at the end of the quarter. We think the Hey Dude acquisition may accelerate the overall long-term growth rate given CROX’s ability to sell the brand into its legacy distribution, and we are seeing some success in the family channel,” the note read. —CNBC’s Michael Bloom contributed to this report.