Deckers Outdoor (DECK) PT Raised to $920 at Citi

Citi analyst Paul Lejuez raised the price target on Deckers Outdoor (NYSE: DECK) to $920.00 (from $835.00) while maintaining a Neutral rating.

The analyst comments "We expect a big sales/EPS beat when DECK reports 4Q24 on 5/23 AMC. Our 4Q24E of $3.58 is above cons $2.90, based on stronger UGG sales (+8% vs cons +2%), while we expect in-line with cons Hoka sales (+25%). We anticipate below cons F25 guidance in the ~$29.00 range (cons $30.41), however given the strong momentum at both brands, we believe investors will likely chalk guidance up to conservatism. We believe the bar is for UGG to grow +MSD and Hoka to grow 20%+ in F25. While both are possible, we acknowledge the bar is high, particularly for UGG given tough comparisons and visibility into its outsized 3Q (Dec qtr). We see very few reasons to be negative on business fundamentals currently, but DECK must clear a very high bar to see meaningful upside to the stock near-term. We believe the risk/reward is balanced at current levels."

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