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Piper downgrades Deckers Outdoor to Neutral with thesis played out

Piper downgrades Deckers Outdoor to Neutral with thesis played out

Piper Sandler analyst Abbie Zvejnieks downgraded Deckers Outdoor (DECK) to Neutral from Overweight with a price target of $650, up from $620. The firm says its Ove weight thesis has largely played out and the stock’s valuation now looks fair. Piper’s Our thesis, which included continued Hoka momentum, near-term Ugg tailwinds, and an attractive valuation has largely played out, the analyst tells investors in a research note. Hoka has quickly reached the number one brand within run specialty, and without a complete lifestyle offering, market share gains are more limited from here, contends the firm. Piper’s top pick in this space is On Holding (ONON).

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