Needham analyst Tom Nikic reiterated a Buy rating and $120.00 price target on Deckers Outdoor (NYSE: DECK).

The analyst commented: 'DECK reports fiscal 1Q26 on 7/24 AMC, and the stock seems more controversial than it's been in years. In May, the market was surprised by the rapid revenue slowdown at Hoka, and we don't think trends changed much this quarter. However, we have seen some encouraging developments (supply of discounted styles dwindling, solid wholesale demand), which supports management's claim that Hoka's issues are short-term and the brand should re-accelerate in upcoming quarters. However, this assumes that Hoka's current issues are not structural, and given that bears appear to have dug their heels in, we don't expect the stock to "get credit" for a re-acceleration until it actually happens. Thus, we think the stock will remain stuck in neutral near-term, but within the next few months we should get clarity into the "structural or transitory" debate."

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Shares of Deckers Outdoor closed at $105.69 yesterday.