Piper Jaffray Reiterates Overweight Rating on Deckers Outdoor Following Executive Meeting

In a report published Friday, Piper Jaffray analyst Erinn E. Murphy reiterated an Overweight rating and $68.00 price target on Deckers Outdoor DECK.

In the report, Piper Jaffray noted, “We are reiterating our OW rating on shares of DECK following our meeting with COO Zohar Ziv at the Outdoor Retailer show in Salt Lake City yesterday. We previewed Spring/Summer 2014 product at the UGG (~85% of sales), Teva (~8%) and Sanuk (~7%) booths. Our product observations suggest that the company continues to move its collections for both the Teva & Sanuk brands into more closed-toe offerings. For UGG, the Spring/Summer line continues to gain traction with retailers as it expands into sneakers, flats and wedges. Transitional product for the UGG brand (a focus within the Nordstrom Anniversary Sale) is tracking well through July. We remain confident in our margin recovery thesis longer term and view the Q3 report as a key catalyst from a visibility perspective on FY14's sheepskin costs.”

Deckers Outdoor closed on Thursday at $57.62.