Market Overview

Cannacord Puts Some New Shoes On; Raised Estimates on Deckers

Related DECK
Fast Money Picks For December 16: Intersil, Toyota, Deckers Outdoor, Coca-Cola
Wunderlich: Specialty, Footwear And Apparel 'Looking Up, But Not For All'
Making Money With Charles Payne: 11/14/14 (Fox Business)

In a report published Thursday, Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating on Deckers Outdoor (NASDAQ: 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%.

Latest Ratings for DECK

DateFirmActionFromTo
Oct 2014Morgan StanleyInitiates Coverage onOverweight
Oct 2014Piper JaffrayDowngradesOutweightNeutral
Oct 2014WunderlichInitiates Coverage onBuy

View More Analyst Ratings for DECK
View the Latest Analyst Ratings

Posted-In: Camilo Lyon Canaccord GenuityAnalyst Color Price Target Reiteration Analyst Ratings

 

Related Articles (DECK)

Around the Web, We're Loving...

Get Benzinga's Newsletters