Piper Jaffray Raises Price Target On Crocs (CROX)

Piper Jaffray raised its price target on Crocs, Inc. CROX to $20 from $19 and has an Overweight rating on shares. In a note sent to clients, Piper Jaffray writes, "We are maintaining our OW rating and raising our FY11 EPS ests and PT in advance of what we expect to be a very strong Spring season for CROX. We believe 2010 YTD results are clear evidence of global demand for the Crocs brand. Importantly, sales gains in 2010 have been driven by both core and new styles across multiple channels of distribution. While mgmt turnover is never ideal, we believe the company has a solid bench of talent in both finance and operations and expect the CFO position to be filled with a strong strategic fit in the near term." Shares of CROX lost 7 cents yesterday to close at $17.62.