Piper Jaffray Reiterates Overweight Rating on Crocs (CROX)

Piper Jaffray is out with a research report this morning, where it reiterates its Overweight rating on Crocs Inc. CROX; it has a $20.00 price target on the stock. The PJ analysts cited recent attendance at the 13th annual ICR XChange, where CROX CEO John McCarvel gave a presentation. The analysts left believing that wholesale and consumer acceptance of new styles is strong and will drive continued unit and ASP growth. Growth in 2011 is focused on direct-to-consumer channels and select wholesale partners. As for valuation, the analysts remarked, “Our price target is $20 based on 20x FY11E EPS of $1.00.”