Truist lowered the firm’s price target on Deckers Outdoor (DECK) to $225 from $235 but keeps a Buy rating on the shares. The company’s Q3 earnings beat and guidance raise was “not enough” to satisfy extremely elevated investor expectations, the analyst tells investors in a research note. Sellout trends continue to show both HOKA & UGG are resonating very well, but the implied Q4 slowdown primarily reflects the management’s efforts to aggressively manage marketplace inventory and current shortages of key hot UGG franchises, Truist states. The firm adds however that Deckers’ growth story is still robust and that it would buy the weakness.
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