Piper Jaffray Maintains Neutral on Deckers Outdoor

Piper Jaffray reiterates its Neutral rating on Deckers Outdoor

as it takes a look at Asia as a potential growth catalyst. Piper Jaffray says, "We estimate Asia accounts for 6% of DECK's revenue with Japan (3%) and China (2%) being the company's two largest markets in the region. In Japan, there are nine UGG concept stores. In China, there are a total of ten UGG stores operated by a joint venture with Stella International. The joint venture is 51% owned by DECK and 49% owned by Stella. We expect the number of stores in Asia to increase substantially over the next several years as DECK envisions $800M of international revenue and 150 global retail stores by 2015." DECK closed at $89.17 per share on Friday.