Piper Jaffray reiterates their Neutral rating on Crocs, Inc. (NASDAQ: CROX), and maintains their price target at $13, following the company's Q1 call. CROX reported that their gross margin was up 100 bps in Q1, and is showing potential to be up 100bps in Q2. Guided forecast for GM remains to be flat. Reported sales Q1 were $262.2M.

Piper Jaffray analyst, Erinn Murphy, commented on CROX, saying, "We are incrementally encouraged on CROX (Neutral - $13 PT) following the company's Q1 call. We believe shares are responding favorably tied to five key reasons: 1) QTD commentary on improving trends; 2) response to SS16 product has been encouraging thus far from top tier accounts; 3) underlying Q2 sales guidance implies sequential acceleration; 4) gross margin outperformed; and 5) long-term op margin guidance of 10-12% is still the plan. We will be revisiting our model and estimates. Areas we still need to gain comfort on would be the major drivers for on-going SG&A improvements as we head into 2016."

For an analyst ratings summary and ratings history on Crocs click here. For more ratings news on Crocs click here.

Shares of Crocs closed at $13.19 yesterday.