UPDATE: Jefferies Raises PT on Deckers Outdoor on Sheepskin Market

In a report published Thursday, Jefferies analyst Randal J. Konik reiterated a Buy rating on Deckers Outdoor Corp.

, and raised the price target from $65.00 to $100.00. In the report, Konik noted, “We view UGG brand as a core staple and believe recent challenged fundamentals were driven by external factors such as weather and rising costs. Sheepskin, the most significant raw material, has increased 80% over the last two years. Here we discuss the sheepskin market and what it means to DECK. We expect the sheepskin dynamic to become more favorable and DECK earnings to move higher.” Deckers Outdoor Corp. closed on Wednesday at $52.52.