div style="text-align: justify;"Piper Jaffray is upgradingspan style="font-weight: bold;" Crocs (NASDAQ:CROX) /spanto Overweight from Neutral with a $7.50 target price (prev $3)br /br /Piper expect share price appreciation to accompany consistent fundamental improvement amp; profitability potential in next 12 months. Q2 results outpaced estimates and guidance; clear signals that company is achieving early turnaround success.br /br /1) Strength in consumer demand (on lowered expectations) is encouraging; brand equity remains high; visibility limited but improving.br /br /2) Wholesale/retail, U.S./int'l, and product mix all contributing to better margin profile; mgmt reiterated its med-term mid-teens op margin target.br /br /3) International markets represent 60%-plus of revenues; Asia strength a key driver.br /br /4) Direct to consumer platform mitigates risk tied to domestic wholesale order volatility; DTC exceeds 50% of U.S. revenues; growth of 20%-plus is reasonable.br /br /5) Company is bank debt free; $60M in cash ($0.70/share); receivables collection much improved and inventory levels ...