Deckers Outdoor price target raised to $230 from $213 at KeyBanc

KeyBanc raised the firm’s price target on Deckers Outdoor (DECK) to $230 from $213 and keeps an Overweight rating on the shares. The firm says Deckers continues to stand out as one of its top picks within its coverage, driven by solid growth and momentum across both its lead brands. HOKA’s focus on pipeline development and creating a substantial franchise looks promising for long-term growth, and the addition of new iterations in both the Clifton and Bondi franchises have potential to drive growth for HOKA over 30% this year, in KeyBanc’s view. For UGG, the firm believes that successful initiatives to extend product lines beyond cold-weather categories are paying off to help drive year-round momentum for the brand. If demand holds through the remainder of the year, KeyBanc sees potential upside to its estimates despite already lofty expectations.