UPDATE: Piper Jaffray Lowers PT on Deckers Outdoor from $63 to $50

Piper Jaffray maintained a Neutral rating on Deckers Outdoor DECK and lowered its price target from $63 to $50. Piper Jaffray commented, “As we head into Q2's report (7/26), we believe the Street is focused on 2H guidance in addition to commentary about the current lifecycle of the UGG brand. With shares of DECK are trading at 10x our FY12 EPS, below the avg historical fwd multiple of 18x, we believe the Street is pricing in a significant 2H guide-down (Street: $4.47). While we recommend investors sit on the sidelines into Q2, we are providing our current thoughts on the Nordstrom Anniversary Sale. Our initial analysis of this key event suggests mixed reads on the performance of UGG through the halfway point.” Deckers Outdoor closed at $43.43 on Monday.