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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who wrote (99002)1/5/2008 4:05:46 PM
From: ChanceIsRead Replies (1) of 306849
 
Piper Jaffray Says Crocs (CROX) Is A Double

>>>Mother taught her boy to think for himself. Still, when Patron makes a suggestion, I scope it out - despite the Mohican Affair. Shorting fancy outdoor gear sounds like a nice recession play to me - or otherwise taking contrary positions to Piper. I will look further. That was a great list. Thanks. <<<

9:37 AM EST December 5, 2007

After Piper Jaffray conducted various site visits, it believes even more in the Crocs (Nasdaq: CROX) growth story. Piper reported accelerated reorders from retailers during this holiday season. Year-to-date through FQ3, Europe sales have eclipsed $135M.

Piper Jaffray reiterated its Buy rating and growth thesis on Crocs and anticipates in-line FQ4 results and strong FY08 growth. Piper expects international markets to outgrow Crocs' U.S. sales, both as new styles are introduced and doors are added. Margins in foreign regions remain above company averages, further additive given favorable currency translation. Piper says shares are attractively priced for growth, trading at just 15x forward year estimates.

Piper has a $82 price target based on 30x FY08E EPS.

Crocs is a manufacturer of casual footwear and apparel.
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