UPDATE: Sterne Agee Upgrades Deckers Outdoor to Buy on Outlook for Second Half of 2013

Sterne Agee raised its rating on Deckers Outdoor

from Neutral to Buy and established a $65 price target. Sterne Agee said, "Upgrading to Buy from Neutral based on enhanced brand positioning for fall 2013. Sales and margins are likely to remain challenged through 2Q13, but sales and margins in the back half of 2013 are likely to improve materially. Lowering FY12 EPS estimate from $3.16 to $3.06 and raising FY13 EPS estimate from $3.31 to $3.78, and establishing a $65 PT. None of this upgrade is based on current sales trends or any form of expectation of a pending acquisition." Deckers Outdoor closed at $38.29 on Friday.