Piper Jaffray Reiterates Overweight on Crocs

Piper Jaffray maintains its Overweight rating on Crocs (NASDAQ: CROX) as the company's Asian operations are expected to grow.

Piper Jaffray comments, "Asia accounts for ~38% of CROX's annual revenue and 45-50% of operating income. Crocs sells directly in Japan, China, Korea, Hong Kong, India, Australia/New Zealand, Singapore, Taiwan, South Africa, the Middle East and uses distributors in other markets. Growth in the region has been strong as YTD revenue has increased 37%. Within Asia, Japan is the largest market at 35-40% of revenue followed by China and Korea. Turning to 2012, we expect the region's growth to remain robust due to a combination of new doors, higher productivity in existing doors and rising ASP's."

CROX closed at $14.83 per share on Friday.