With the holiday of Hanukkah upon us, everyone is looking for a gift to get their loved ones. How about about a pair of Crocs (NASDAQ: CROX)? Not only are they comfortable footwear, the stock is trading at a serious discount to boot! -- OK, bad pun.
Today, 's report by Piper Jaffray speaks of this and why investors may be missing the boat on this story. Piper believes Crocks had experienced "accelerated reorders from retailers during this holiday season. Year-to-date through FQ3, Europe sales have eclipsed $135M."
Piper, which already had a Buy rating on CROX, anticipates in-line FQ4 results and strong FY08 growth with international markets outgrowing U.S. sales. Piper also mentioned that "margins in foreign regions remain above company averages." Adding the favorable currency exchange and the "shares are attractively priced for growth, trading at just 15x forward year estimates." Piper's $82 price target is based on 30x FY08E EPS.
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