UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Deckers Outdoor Corp.

In a report published Friday, Piper Jaffray & Co. reiterated its Neutral rating on Deckers Outdoor Corp.

, but slightly lowered its price target from $35.00 to $34.00. Piper Jaffray noted, “We are reiterating our caution on DECK shares and lowering earnings estimates and price target following our store checks in the UK market this past week (~11% of global sales). We visited wholesale accounts as well as one of UGG's retail locations in London and were surprised by the number of styles on promotion. While pricing adjustments have been made in the US (compounded by accelerated markdowns throughout the Holiday season) we were not aware of this happening in O-US. On balance, we are seeing a reversal of what have been pillars of DECK's multi-year growth story which included i) a sustained period when demand outpaced supply; and ii) comp & margin growth supported by pricing increases. We believe pricing could continue to unwind as brand demand transitions, which could put longer-term pressure on the existing operating model.” Deckers Outdoor Corp. closed on Thursday at $37.02.