UPDATE: Sterne Agee Reduces PT to $32 on Decker Outdoor on Risk
Sterne Agee reiterated its Underperform rating on Decker Outdoor (NASDAQ: 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.
Latest Ratings for DECK
|Oct 2014||Morgan Stanley||Initiates Coverage on||Overweight|
|Oct 2014||Piper Jaffray||Downgrades||Outweight||Neutral|
|Oct 2014||Wunderlich||Initiates Coverage on||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.