UPDATE: Wedbush Securities Initiates Deckers Outdoor at Outperform on Risk/Reward

Wedbush Securities initiated coverage on Deckers Outdoor

with an Outperform rating and a $38 price target. Wedbush Securities commented, "We find current valuation very compelling and believe little additional headline risk in the stock remains for the balance of 2012. We believe the set up for the rest of the year is favorable as the market has digested NPD POS data relative to LY for October and we expect November results will show a modest sequential improvement given the onset of more seasonal weather. We believe the floor has been set in the stock as investor sentiment has troughed, in our view. Further, as the Holiday shopping season gets underway, we believe channel checks will alleviate investor fears regarding the viability of the Ugg brand." Deckers Outdoor closed at $33.59 on Monday.