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. (NASDAQ: DECK), 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.
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