Piper Jaffray Says Crocs (CROX) Is A Double
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After Piper Jaffray conducted various site visits, it believes even more in the Crocs (Nasdaq: CROX) growth story. Piper reported accelerated reorders from retailers during this holiday season. Year-to-date through FQ3, Europe sales have eclipsed $135M.
Piper Jaffray reiterated its Buy rating and growth thesis on Crocs and anticipates in-line FQ4 results and strong FY08 growth. Piper expects international markets to outgrow Crocs' U.S. sales, both as new styles are introduced and doors are added. Margins in foreign regions remain above company averages, further additive given favorable currency translation. Piper says shares are attractively priced for growth, trading at just 15x forward year estimates.
Piper has a $82 price target based on 30x FY08E EPS.
Crocs is a manufacturer of casual footwear and apparel.
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