UPDATE: Canaccord Downgrades Deckers Outdoor; Lowers PT

According to a research report published this morning, Canaccord has downgraded Deckers Outdoor DECK from Buy to Hold, and lowered PT from $105 to $73. In the report, Canaccord commented, "We are downgrading DECK to HOLD from BUY as the central tenets of our thesis (retail and international growth) have become clouded. Europe's macro headwinds are crimping demand while negative international retail comps are alarming, since this is where the majority of new store openings are planned. While there were some positives of note (potential sheepskin price easing in 2013, strong trends in men's/kids, good UGG spring sell-through), we are less sanguine about international growth prospects and see potential risk to current estimates as investments in brand building in the UK and Asia are needed and will take time to drive the brand's penetration." Deckers Outdoor closed yesterday at $69.46.