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Deckers Outdoor Corporation (NASDAQ: DECK) was rated a Buy with a Price Target of $121 by Wunderlich Securities as the the firm initiated coverage on the apparel retailer Wednesday.
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Analyst Danielle McCoy felt that the company has the “right product, the right mix, and the right strategy.”
Deckers has well known brands such as UGG, Teva, Sanuk and HOKA ONE ONE. The company has been investing in its retail platform and expanding its direct-to-consumer business to drive sales of its brands while expanding seasonal offerings.
McCoy noted that the UGG line has seen lower raw material costs and expanding margins. The lower input costs and appealing growth profile deserve a premium multiple according to McCoy.
The $121 price target assumes a 21x EPS estimate of $5.76 for FY 2016.
Deckers Outdoor Corporation closed at $97.18 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.