Sterne Agee Says Buy the Dip in Deckers Shares
Sterne Agee's Sam Poser (the analyst who might have caused a sharp move higher in the stock on Dec. 27th) is recommending investors buy the weakness in shares of Deckers Outdoor (NASDAQ: DECK) Wednesday.
After gapping higher, Deckers shares are now down nearly 5 percent to around $38.28.
Poser said sales of UGG were "materially less worse" than expected over the last two weeks in December. He also pointed to UGG inventory levels which were down noticeably from the same period last year.
Sterne Agee maintains a Buy rating and $65 price target on shares of Deckers.
Prior to Wednesday's move lower, Deckers shares had been up more than 16 percent since Poser's note last week.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.