Deckers Outdoor (DECK) PT Lowered to $114 at BofA Securities

BofA Securities analyst Chris Nardone lowered the price target on Deckers Outdoor (NYSE: DECK) to $114.00 (from $128.00) while maintaining a Neutral rating.

The analyst comments "We reiterate our Neutral rating; we see a balanced risk/reward as we think potential margin and UGG upside is offset by uncertainty on whether HOKA can return to sustainable growth in US DTC (which would prevent material multiple expansion). We are forecasting 1Q EPS of $0.66 (cons. $0.68); our forecast includes 12% HOKA growth and 8% UGG growth. We are lowering our PO to $114 (from $128), based on 18x F27 P/E (from 20x) due to our slightly lower HOKA DTC forecast."

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