UPDATE: Piper Jaffray Lowers Price Target on Deckers Outdoor to $76

According to Piper Jaffray, Deckers Outdoor

price target is lowered to $76. Piper Jaffray said that on Thursday Deckers reported Q4 EPS slightly ahead of published estimates but guided FY12 revenue and EPS well below Street and its expectations. “We are maintaining our Neutral rating and reducing our price target from $83 to $76 given the FY12 outlook as we expect shares of DECK to remain under pressure until visibility into 2H12 trends improves.” Deckers Outdoor closed yesterday at $90.21.