Piper Jaffray Overweight On Crocs (CROX)

Piper Jaffray is reiterating its Overweight rating and $20 price target on shares of Crocs, Inc. CROX. In a note sent to clients, Piper Jaffray writes, "We are reiterating our Overweight rating and $20 price target following a group meeting with CROX CEO and CAO. Sales of new styles appear to be tracking well indicating consumers are willing to pay higher prices for Crocs branded product. The company has made significant investments in its global infrastructure and is likely to see expanded operating margins as it levers fixed expenses. Maintain Overweight rating and $20 price target based on 20x FY11E EPS of $1.00." Shares of CROX lost 27 cents yesterday to close at $17.31, a loss of 1.5%.