Deckers Outdoor upgraded to Buy at Truist amid ‘best-in-class momentum’

As previously reported, Truist analyst Joseph Civello upgraded Deckers Outdoor to Buy from Hold with a price target of $1,200, up from $1,011. While noting that Hoka’s DTC trends did decelerate in Q4 as the firm had previewed, Truist also notes that a very significant acceleration of wholesale sell-in activities was a key driver and argues that the brand’s current trends, momentum and the outlook for the brand across channels and regions “appear very bullish.” In a similar way, UGG’s brand heat “remains robust,” says the firm, which sees solid growth opportunities from its expanding assortment and international momentum.