Deckers Outdoor (DECK) Likely to Provide an Update on Fall 2014 Backlog - Canaccord Genuity
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Up: 13 | Down: 11 | New: 11
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Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating and $103 price target on Deckers Outdoor (NASDAQ: DECK) Monday saying they expect the company to provide an update to the fall ’14 backlog over the near term.
Lyon said “. . . we expect the company will provide an update to the fall ’14 backlog given the change to the fiscal year end from December 31 to March 31. Recall the last reported backlog on December 31, 2013 was +24%, yet less than half of the order book had been committed then. We fully expect the updated backlog to be below the 24% (likely +10%) solely due to the timing of when orders were placed this year vs. last year.”
The analyst added “In no way do we believe an optical deceleration of the reported backlog is suggestive of cancellations, changes in order patterns or demand for the brand; rather, it will be a more complete representation of orders as ~95% of the orders will be in the book.”
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 $79.98 yesterday.
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