UPDATE: Wedbush Upgrades Deckers Outdoor (DECK) to Outperform

September 26, 2013 12:38 PM EDT
Get Alerts DECK Hot Sheet
Price: $58.43 +1.14%

Rating Summary:
    15 Buy, 17 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - September 26, 2013 1:01 PM EDT)

Wedbush upgraded Deckers Outdoor (NASDAQ: DECK) from Neutral to Outperform with a price target of $74.00 (from $54.00). Analyst Corinna Freedman thinks risk/reward has turned more favorable.

"We met with the CEO, COO, CFO, the President of the Ugg division and the new head of IR at the company’s HQ earlier this week. Management’s tone was positive and we walked away more comfortable with our near-term revenue estimates, our assumptions for longer-term earnings power and more importantly, our overall outlook for the brand," said Freedman.

"Over the longer term, we are incrementally more comfortable with our previous assumption of $5.00 in earnings power and our model now assumes that DECK could realistically achieve this by fiscal 2016. We acknowledge that fundamental support for our improved outlook is not likely to be apparent until early December and, as such, we acknowledge that this call is somewhat speculative," added the analyst.

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 $63.96 yesterday.

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