Piper Jaffray analyst Erinn Murphy lowered estimates and her price target on Neutral-rated Deckers Outdoor (NASDAQ: DECK) price target of $96.00 (from $104.00) following Q2 results and below consensus 2nd-half guidance.

Murphy commented, " Encouragingly, sales handily beat (even adjusting for the pull-forward timing shift) and gross margins were strong--up 320 bps driving $1.17 in EPS (vs. our $1.03 est). DTC comps were +3.3% in Q2 as strong e-com
was partially offset by a negative (8.8%) retail comp led largely by weak traffic trends in Europe. We believe investors were prepared for a slightly negative retail comp. For Q3 & Q4, sales guidance calls for +10% Y/Y. Q3's EPS is forecasted to be $4.46--below the Street's $4.76 est. Guidance looks conservative but given the broader macro climate and the importance of Q3 (95% of FY earnings), this is prudent. We will be monitoring for improved sell-throughs during this season and remain on the sidelines for now."

The firm cut FY 2015 EPS frmo $4.81 to $4.76 and FY 2016 EPS from $5.80 to $5.65.

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Shares of Deckers Outdoor closed at $79.80 yesterday.