Deckers Outdoor price target raised to $614 from $505 at Wedbush

Wedbush analyst Tom Nikic raised the firm’s price target on Deckers Outdoor to $614 from $505 and keeps an Outperform rating on the shares. The firm continues to believe that Deckers Outdoor is one of the strongest names fundamentally in its coverage, with the Hoka brand continuing to exhibit strong momentum, UGG resonating with consumers, margin tailwinds this year, and conservative guidance. That said, Wedbush thinks the stock may take a “pause” in its upward momentum, as the share price tends to exhibit seasonality, and this seasonality is about to turn less favorable.