Loading...
Loading...
In a report published Thursday, Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating on
Deckers Outdoor Corp.DECK and raised the price target from $91.00 to $111.00.
Lyon noted that a positive 2013 holiday season has given retailers a renewed confidence in winter boots which should aid in strong 2014 orders. The analyst commented that Deckers is making progress on its structural gross margin expansion plan as retail and UGG Pure penetration should increase through 2015.
Canaccord reassessed wholesale growth estimates from -1% to +6% in 2014. The analyst reported that this estimate may prove conservative given a turn in Europe and improving assortment in Asia. Lyon added, "While we expect Q4 results to produce a solid beat, we are not anticipating a pre-announcement at ICR since it is not customary practice (the last preannouncement was in 2008). That said, we expect positive commentary by management to be well received."
Deckers closed at $85.90 on Wednesday and shares have traded as high as $88.88 today, up 3.469%.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in