Deckers Outdoor (DECK) PT Raised to $76 at Canaccord Genuity; Reiterates Buy

May 26, 2017 10:39 AM EDT
Get Alerts DECK Hot Sheet
Price: $388.75 --0%

Rating Summary:
    22 Buy, 15 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 9 | New: 25
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Canaccord Genuity raised its price target on Deckers Outdoor (NYSE: DECK) to $76.00 (from $69.00) while maintaining a Buy rating. DECK reported a 4Q sales beat of $11.6M, EPS of +11c beat -2c estimates. However, analyst Camilo Lyon beleives that the real story is the cost savings plan intended to generate $100M in incremental EBIT over the next three years.

Based on work it has done to improve the health of its US distribution channels, segment the UGG brand across price points/channels, and hire new talent across the organization, DECK expects to generate sales of $2B and an EBIT margin of 13% in 2020, yielding $260M in EBIT.

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