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Standpoint Research Downgraded Deckers Outdoor (DECK) to Hold

November 11, 2009 1:21 PM EST
DECK Hot Sheet
Rating Summary:
    7 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 1 | New: 5
Standpoint Research downgraded Deckers Outdoor Corp. (Nasdaq: DECK) from Buy to Hold, citing valuation.

The firm notes that DECK is up 70% since their May 29th recommendation versus up 20% in the S&P. They said the shares are now fairly valued at 12X estimates for next year. The firm said, "we are more concerned with where the market is than we are with DECK itself. We initiated coverage on Crocs (Nasdaq: CROX) November 9th … the risk-reward there seems a bit more favorable and that is where we prefer to place our bet in the footwear industry."

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