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Deckers Outdoor Corp (NYSE:DECK) shares have been on an uptrend since the company reported upbeat quarterly results last week.
While DTC trends decelerated, a significant acceleration in wholesale sell-in activities drove the company's "meaningful" earnings beat for the fourth quarter, according to Truist Securities.
The Deckers Outdoor Analyst: Joseph Civello upgraded the rating for Deckers Outdoor from Hold to Buy, while raising the price target from $1,011 to $1,200.
The Deckers Outdoor Thesis: The Hoka and UGG brands seemed to be "firing on all cylinders" and have "meaningful" upside opportunities ahead, Civello said in the upgrade note.
Check out other analyst stock ratings.
The fourth-quarter results and commentary suggested the Hoka brand was opening more wholesale channels than projected, which should drive significant brand awareness expansion opportunities, the analyst stated. "QTD DTC growth in F1Q25 looks robust,” he added.
The UGG brand consistently launched new products over the past few years, and these are "resonating very well," while the "brand heat has remained robust," Civello wrote. There are "opportunities for the brand to outperform, especially as it continues to gain momentum internationally," he further stated.
DECK Price Action: Shares of Deckers Outdoor had risen by 3.35% to $1,067.55 at the time of publication on Tuesday.
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Posted In: DECK
