UPDATE: Jefferies Raises PT on Deckers Outdoor on Better-Than-Expected 4Q Results

In a report published Friday, Jefferies reiterated its Buy rating on Deckers Outdoor Corp. DECK, and raised its price target from $60.00 to $65.00. Jefferies noted, “While we knew 4Q was not going to be great, the results did come in better than expected. With 4Q now behind us, what really matters is that DECK is well positioned for 2013 with cleaner inventories, improving SSS trends and margin tailwinds from lower sheepskin costs. Further, we think the company's FY'13 outlook is conservative and expect upward earnings revision in the coming qtrs. DECK remains our top pick, raise PT to $65.” Deckers Outdoor Corp. closed on Thursday at $40.41.