UPDATE: Wedbush Downgrades Deckers Outdoor to Neutral on Valuation

Wedbush downgraded Deckers Outdoor (NASDAQ: DECK) from Outperform to Neutral and maintained a $45.00 price target.

Wedbush commented, "We are downgrading shares of DECK from OUTPERFORM to NEUTRAL based on valuation and what we view as a less favorable risk/reward scenario heading into the 4Q print. DECK is trading within 1% of our target valuation and we are stepping to the sidelines given uncertainty surrounding guidance."

Deckers Outdoor closed at $44.72 on Tuesday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.