UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Deckers Outdoor Corp. on Signs of Stabilization

In a report published Friday, Goldman Sachs reiterated its Neutral rating on Deckers Outdoor Corp.

, and raised its price target from $33.00 to $42.00. Goldman Sachs noted, “DECK 4Q12 EPS of $2.77 exceeded GS/consensus/guidance of $2.50/$2.60/$2.74. Sales, however, fell short again as weakness in wholesale was offset by a better than expected SSS. 4Q upside was driven by SG&A, marking a second consecutive quarter of strong expense management. FY13 guidance of $3.62 is much better than feared, albeit back half weighted. We walk away more confident in the stability of the UGG brand and encouraged by management's comments. However, we stay Neutral-rated given fair valuation and limited visibility into 2013 EPS.” Deckers Outdoor Corp. closed on Thursday at $40.41.