Piper Jaffray Reiterates Overweight Rating on Crocs

According to Piper Jaffray, Crocs (NASDAQ: CROX) Overweight rating is reiterated.

Piper Jaffray said that it reiterates its OW rating and $30 price target as it believes the current valuation represents an attractive buying opportunity. “Our $30 price target is based on 20x our FY12 EPS of $1.52 and we note shares currently trade at only 10.1x next year's EPS for a PEG of 0.44x.”

Crocs closed yesterday at $15.41.