UPDATE: Wedbush Upgrades Deckers and Raised PT Contingent on Weather and New Ugg Product Line

In a midday report, Wedbush analyst Corinna Freedman upgraded Deckers Outdoor Corp.

to Outperform and raised PT to $74. Wedbush met with Decker's management earlier this week and noted the positive tone and diversification of the Ugg product line, including home products and a juniors' line. The analyst acknowledged that this improved outlook will probably not become apparent until December. The revenue base is expected to fluctuate with the weather, with cooler weather possibly driving up sales of Ugg boots. Freedman assumed modest store growth and raised GM expectations for 2014 which contribute to an increase in EPS expectation of $4.30. The analyst commented, “Weather, inventory and gross margin recovery remain risks to our outlook.” DECK closed at $63.96 on Wednesday. Shares are seeing a 2.45% steady price increase since 11AM today.