Deckers Outdoor (DECK) PT Raised to $1,200 at BTIG

BTIG analyst Janine Stichter raised the price target on Deckers Outdoor (NYSE: DECK) to $1,200.00 (from $1,120.00) while maintaining a Buy rating.

The analyst comments "Q1 results and QTD commentary speak to a consumer that is selective, but not significantly changed from the consumer we observed in H2'23. We continue to closely monitor the lower income consumer, who remains more sensitive to the impact of cumulative inflation. Guidance and estimates appear realistic, but still largely embed sales and margin improvement in H2 vs. H1, mostly reflecting company-specific opportunities, as markdown recapture opportunities are generally less in H2 while freight costs tick higher. We note the standout results of DECK (Buy, $1,200 PT) and lift our estimates and target as we view cons./guidance as conservative. SHOO (Buy $53 PT) should continue to benefit from a wholesale recovery. Overall, we believe the environment is steady, but there are still many elements of uncertainty that leave us most comfortable with the strong brands and balance sheets into H2."

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