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UPDATE: Piper Jaffray Raises PT on Crocs to $36

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Piper Jaffray is out with its report today on Crocs (NASDAQ: CROX), raising its PT from $28 to $36.

In a note to clients, Piper Jaffray writes, "A review of best selling styles on Crocs' domestic website indicates the mix of new styles steadily increased during the spring/summer selling season and a similar analysis using the company's European websites points to comparable results in international markets. As such, we are raising our FQ2 estimate from $0.43 to $0.45 and our FY11 estimate from $1.10 to $1.14. We are also raising our price target from $28 to $36 based on 25x FY12E EPS as we believe Crocs has a multi-year opportunity to grow EPS at or above an annual rate of 25%."

Piper Jaffray maintains Overweight on CROX.

Shares of CROX closed Thursday at $26.92, down 1.72% from Wednesday's close.

Posted-In: Piper JaffrayAnalyst Color Price Target Analyst Ratings

 

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