Canaccord Genuity Lowers Numbers on Deckers Outdoor (DECK)

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Canaccord Genuity lowered estimates and its price target on Deckers Outdoor (NASDAQ: DECK) from $37 to $35 following challenged holiday sales.

"We are reducing our Q4 estimates due to lowered expectations for UGG wholesale sales. After management's less than ebullient presentation at ICR coupled with our holiday channel checks that were characterized by incremental discounting on fashion product, we believe the post-Christmas cold snap was too little too late to spur a rebound in sales growth. With the likelihood of underwhelming Q4 sales, we believe US retailers will order fall 2013 down, marking the third year of down wholesale sales. As such, we reduced our 2013 estimates and lowered our target to $35 from $37."

For an analyst ratings summary and ratings history on Deckers Outdoor click here. For more ratings news on Deckers Outdoor click here.

Shares of Deckers Outdoor closed at $37.32 yesterday, with a 52 week range of $28.53-$92.27.

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