Sterne Agee Upgrades Deckers Outdoor (DECK) to Buy, Sees Strong Back Half of 2013

December 3, 2012 7:00 AM EST
Get Alerts DECK Hot Sheet
Price: $60.98 +3.37%

Rating Summary:
    16 Buy, 16 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Sterne Agee upgraded Deckers Outdoor (NASDAQ: DECK) from Neutral to Buy with a price target of $65.00, saying while they still see trouble with 4Q12-2Q13 the second half of 2013 is showing promise.

"We are upgrading the stock based an expected positive inflection in fall 2013 due to material improvement in the product offerings, based on our conversations with those who have previewed the fall '13 collection," analyst Sam Poser comments. "However, given current trends we continue to believe that sales and earnings will remain challenged through 2Q13, and inventories will remain elevated until 2Q13. We anticipate that the new fall '13 line innovative line extensions in the Classic boot and slipper categories will result in sales and margin improvement in 2H13."

The firm lowered FY12 EPS estimate from $3.16 to $3.06 and raised FY13 EPS estimate from $3.31 to $3.78, and establishing a $65 PT

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 $38.29 yesterday.

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