Deckers Outdoor selloff presents buying opportunity, says Wedbush

Wedbush says shares of Deckers Outdoor are down more than 20% since hitting an all-time high in early June, which presents a buying opportunity. The firm calls Deckers one of the strongest, best-run companies in its coverage and keeps an Outperform rating on the shares with a $1,030 price target. Brand heat remains high at both the company’s core brands, Hoka and Ugg, though we’re at the seasonal low point of the year for Ugg, so the story will likely hinge on Hoka in the near-term, the analyst tells investors in a research note. The firm believes estimates remain biased to the upside, though it notes that fiscal Q1 is often the smallest guidance-raise quarter of the year for Deckers.