UPDATE: Wedbush Securities Raises PT to $40 on Deckers Outdoor on Black Friday Momentum
Wedbush Securities reiterated its Outperform rating on Deckers Outdoor (NASDAQ: DECK) and increased its price target from $38 to $40.
Wedbush Securities commented, "Based on our observations, cooler weather spurred sales of Ugg boots in the department store channel. We found Ugg doing a brisk business on Friday with further improvement throughout the weekend as the weather cooled in the Northeast, according to our checks. There were no Black Friday promos that specifically included Ugg boots nor did we find any markdowns in the channel. We believe Ugg sales at Nordstrom were stronger than Bloomingdales and Saks and as noted in Gabriella Santaniello's Retail Detail today, we found that Nordstrom reinstated the 4-pair purchase limit. We believe this may be due to concerns that replenishment orders are likely to be constrained by leaner inventory vs. LY."
Deckers Outdoor closed at $33.59 on Friday.
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Tags: Wedbush Securities