Deckers Outdoor (DECK) PT, Estimates Lifted at Piper Jaffray on Solid Thanksgiving Weekend

Piper Jaffray analyst Erinn Murphy raised estimates and her price target on Overweight-rated Deckers Outdoor (NASDAQ: DECK) to $97.00 (from $96.00) following solid Thanksgiving weekend checks.

Murphy commented, "Following our in-person observations over the Thanksgiving weekend on the UGG brand across Minnesota and Texas at outlet, full-price specialty and department store locations, we are raising our estimates on DECK. Recall UGG represents approximately 84% of total sales for the company. In addition, 44% of sales and 94% of profits are concentrated in the December quarter--clearly the most important quarter of the year. We believe all major channels saw strong sell-through rates and outlets, in particular experienced significant broken size runs. Full-price selling was intact. As such, we are raising our Q3 EPS estimate from $4.48 to $4.53 and taking up our FY15 and FY16 estimates accordingly. While we have a near-term favorable bias on shares, we see DECK shares as fairly valued on a 12-month basis. The next meaningful catalyst for shares will be tomorrow evening during the company's UGG Fall 2015 Product Event in NYC."

The firm raised FY 2016 EPS from $4.76 to $4.81 and FY 2016 EPS from $5.65 to $5.70.

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 $79.80 yesterday.

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