UPDATE: Sterne Agee Reduces PT to $32 on Decker Outdoor on Risk

Sterne Agee reiterated its Underperform rating on Decker Outdoor DECK and reduced the price target from $38 to $32. Sterne Agee commented, "We believe the UGG brand is at risk and the DECK stock has further downside. NPD data illuminate weakness and our channel checks indicate other pressures. Lowering our PT from $38 to $32 and lowering our '12/'13 EPS estimates from $3.97/$4.37 to $3.49/$3.62. Our new estimates may not have captured the entire downside risk, especially in 2013 if inventory levels remain excessive." Decker Outdoor closed at $37.51 on Monday.