UPDATE: Wedbush Downgrades Deckers Outdoor to Neutral on Valuation

Wedbush downgraded Deckers Outdoor

from Outperform to Neutral and maintained a $45.00 price target. Wedbush commented, "We are downgrading shares of DECK from OUTPERFORM to NEUTRAL based on valuation and what we view as a less favorable risk/reward scenario heading into the 4Q print. DECK is trading within 1% of our target valuation and we are stepping to the sidelines given uncertainty surrounding guidance." Deckers Outdoor closed at $44.72 on Tuesday.