Piper Jaffray analyst Erinn Murphy says her channel checks in store and online during Q4 indicate "strong demand" for the Crocs brand. In addition, promotional activity has been lower year-over-year, pricing is 12.5% higher on the core Classic styles and newness has accelerated through Jibbitz and collaborations, Murphy tells investors in a research note. However, the analyst believes a number of North American e-commerce orders have been impacted given that the high demand has coincided with the company's new distribution channel. Murphy adds that while there is still likely upside to her 15% Q4 sales estimate, she wanted to flag that shipment delays could limit the magnitude of incremental flow through to the bottom line. The analyst remains comfortable with her Q4 earnings per share estimate for Crocs of 12c, which is double the consensus at 6c. She reiterates an Overweight rating on the shares with a $44 price target.