Canaccord Genuity Reiterates Buy on Deckers Outdoor (DECK) Following UGG Fall 2016 Product Review
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Canaccord Genuity reiterated a Buy rating and $67.00 price target on Deckers Outdoor (NYSE: DECK) after attending the UGG fall 2016 product preview while at Platform last week in Las Vegas. Much of the presentation centered around evolving the classic UGG into four distinct categories: Novelty, Classic Street, Weather, and Casual shoes/boots.
Analyst Camilo Lyon commented, "We attended the UGG fall 2016 product preview while at Platform last week in Las Vegas. Like the product preview last December during FFANY, much of the presentation centered around evolving the classic UGG into four distinct categories: Novelty, Classic Street, Weather, and Casual shoes/boots. Clearly, the company has accelerated its innovation pipeline to better meet changing consumer buying habits. We believe discussions with retail buyers have gone well, particularly with the expansion of the new lines, despite the challenges every winter-related brand experienced in Q4. The dual focus of making more fashionable assortments and extending the line to a multiseason brand is strategically correct, and should bear fruit later this year. Also, DECK is becoming smarter about segmenting across channels of distribution by price points (e.g. Pinnacle, Premium, Core, and Entry Level) yet being cognizant of maintaining a strong price/value relationship. Taking it altogether, we believe the UGG product line has evolved immensely and should result in a strong recovery of sales trends as we head into fall 2016. We reiterate our BUY rating."
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 $52.97 yesterday.
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