Deckers Outdoor (DECK) Bear Poser at Susquehanna Modestly Lifts Numbers

Deckers Outdoor (NYSE: DECK) bearish-leaning analyst Sam Poser of Susquehanna modestly raised estimates and bumped his price target to $46.00 (from $45.00) while maintaining a Negative rating.

Poser commented, "The long-term outlook for DECK remains precarious. Aggregate retailer inventories of UGG product are elevated, distribution is exceeding UGG's addressable market, and UGG's retail partners are approaching 2017 with extreme caution. We acknowledge that a late Dec. pick-up will likely save 3Q17 (Dec.), but we believe Fall season sell-through still fell short of initial plans. Additionally, our checks indicate that RTVs and markdown money are likely to pressure the March quarter. Reiterate Negative."

The firm is increasing FY17 and FY18 EPS estimates. FY17 EPS estimate goes from $3.54 to $3.65 and our FY18 EPS estimate goes from $4.03 to $4.11.

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