UPDATE: Piper Jaffray Raises PT on Deckers Outdoor Following Teen Survey

In a report published Wednesday, Piper Jaffray analyst Erinn E. Murphy reiterated a Neutral rating on Deckers Outdoor Corp.

, and raised the price target from $40.00 to $48.00. In the report, Murphy noted, “We are raising our estimates and price target on DECK on the heels of our Taking Stock With Teens survey results in which we saw UGG re-emerge within the top-five preferred footwear brands among all upper-income teens. The UGG brand demonstrated mind-share gains across both income profiles. Our higher estimates reflect our expectations for better current business trends tied to the cooler Spring weather in the context of improving brand relevance. While DECK shares could trade higher in the near-term (2-3 months), we remain on the sidelines until we can gain more visibility on the Winter 2013 order book and given the significant earnings concentration in Q4.” Deckers Outdoor Corp. closed on Tuesday at $56.08.