Piper Jaffray Reiterates Overweight Rating on Crocs Inc. (CROX)

Piper Jaffray is out with a research report this morning, where it reiterates its Overweight rating on Crocs Inc.

; it has a $18.00 price target on the stock. The PJ analysts cited a recent meeting with company management, where the key takeaways included: product diversification, margin expansion, direct-to-retail, and global growth initiatives. The analysts continue to favor shares of CROX as they believe the company remains well positioned to deliver wholesale growth in comp doors, regain lost distribution, and expand the direct-to-retail footprint at a double digit growth rate. Piper's price target is based on 20x FY11E EPS of $0.88.