Piper Jaffray Reiterates OW Rating, $28 PT on Crocs

Piper Jaffray is reiterating its Overweight rating and $28 price target on shares of Crocs CROX following a recent Europe visit. “Europe remains a significant growth opportunity for CROX, particularly for the direct channel as only 26 company-owned stores were open at the end of FQ1,” Piper Jaffray writes. “Specifically, we expect France to be a key driver of growth as the wholesale channel is still ‘rebuilding' as a directly operated market and the retail presence consists of only two stores, both owned by distributors. “European revenue remains well below the FY07 high of $174M and we believe strong new style sell-through rates will result in top line growth ahead of the total Co avg rate.” Crocs closed Tuesday at $21.40.