UPDATE: Stifel Nicolaus Reduces PT to $55 on Deckers Outdoor On Price Reductions

Stifel Nicolaus reiterated its Buy rating on Deckers Outdoor

but lowered its price target from $74 to $55. Stifel Nicolaus said, "As we mentioned in our note yesterday, “Price on UGG Classics Reduced Across Retail Partners”, we confirmed with the Company that prices for select UGG Classics have been lowered. The price reduction was across 3 UGG styles–Classic Short, Classic Tall, and Bailey Button. Further, the Company noted the price reduction was retroactive to July 1 for each of the respective styles ordered (impactful to full 3Q). It was indicated by the Company the rationale for the reduction in prices was due to improved visibility to lower sheepskin prices in FY13." Deckers Outdoor closed at $41.31 on Wednesday.