UPDATE: Jefferies Raises PT to $60 on Deckers Outdoor on Store Checks, Online Trends

Jefferies reiterated its Buy rating on Deckers Outdoor

and raised its price target from $50.00 to $60.00. Jefferies noted, "Online trends and store checks indicate the UGG brand is still a core winter staple, while a recent drop in January's temp. likely provided a buying catalyst. Our call is simple; after we get through a difficult Holiday qtr given warm weather, trends are likely to stabilize, inventories come under control, margins inflect, and growth of the UGG brand resumes." Deckers Outdoor closed at $39.92 on Friday.