© Reuters. Deckers (DECK) to Proceed to Outperform – Wedbush
By Sam Boughedda
A Wedbush analyst upgraded shares of Deckers Manufacturers (NYSE:) to Outperform from Impartial, elevating the value goal to $410 From $320 in a be aware Thursday.
The analyst additionally added the inventory to Wedbush’s Greatest Concepts Checklist.
“Amidst an especially difficult retail setting, DECK was a standout final EPS season as one of many solely firms in our protection to really increase steerage,” defined the analyst. “The rapidly-growing Hoka model stays one of the vital compelling, high-momentum progress tales in our area, whereas we have grow to be extra snug with the course of the UGG model.”
The analyst defined additional that after rising 55% in 1Q23, they consider Hoka nonetheless has an extended runway for progress. “Notably, the model is within the early levels of distributing to nationwide sporting items retailers (e.g. DKS and FL), and as they’ve entered these doorways and layered on extra model advertising and marketing, we have seen an acceleration of on-line search tendencies for the model,” he added.
Wedbush feels that the mix of top-line progress, sturdy margins, and a fortress steadiness sheet means the “high-quality title” is poised to proceed outperforming.
