Jefferies Reiterates Buy on Deckers Outdoor (DECK) Following 4Q
Jefferies maintained a Buy rating and $75.00 price target on Deckers Outdoor (NYSE: DECK) following the company's 4Q report. Jefferies sees encouraging signs in the report, including solid unit sales for the UGG brand, a favorable response from wholesalers for the spring 2017 lines, and continued strong sell-through of non core styles which are being continually expanded.
Analyst Randal Konik commented, "F'4Q beat off a higher top-line, although this was partially driven by higher closeouts, which weighed on GM. We see encouraging signs in the report, including solid unit sales for the UGG brand and only a modest decline in backlog. We see fundamentals improving, as DECK benefits from product and marketing efficiencies, better cost discipline, and more normalized winter. Reiterate Buy, $75 PT."
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 $49.25 yesterday.