UPDATE: Goldman Sachs Initiates Deckers at Neutral on Valuation

Goldman Sachs initiated coverage on Deckers DECK with a Neutral rating and a $32 price target. Goldman Sachs noted, "Notwithstanding the intense headwinds facing the brand, we still believe in UGG's ability to survive this storm. There are many structural elements still intact including retailer support, disciplined distribution, international runway, and a strong leadership team. The near-term challenge, however, lies in accurately timing the bottom of a very steep cyclical earnings decline." Deckers closed at $35.25 on Monday.