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Deckers Outdoor Corp Receives Positive Analyst Ratings and Price Target Increases

By Don Francis, Editor
July 30, 2023 6:46 AM UTC
Deckers Outdoor Corp Receives Positive Analyst Ratings and Price Target Increases

UBS's Jay Sole raised their price target on Deckers Outdoor Corp (NYSE: DECK) by 0.70% from $715.00 to $720.00 on 2023/07/28. The analyst maintained their Strong Buy rating on the stock.

Sole's takeaway from Deckers' Q1 2024 earnings report, released on 2023/07/27, was that the company's Hoka One One brand's "continuing and exceptional momentum with consumers will lead to strong FY 2024 sales growth and stock-driving earnings beats."

Following the release of the earnings report, several other analysts also updated their ratings and price targets for Deckers Outdoor Corp. Stifel Nicolaus's Jim Duffy raised their price target by 9.09% and maintained their Strong Buy rating on the stock. Baird's Jonathan Komp raised their price target by 7.83% and maintained their Buy rating on the stock. BTIG's Janine Stichter raised their price target by 4.40% and maintained their Strong Buy rating on the stock.

Analyzing the overall sentiment among top-rated analysts, 42.86% currently rate DECK as a Strong Buy, while another 42.86% view it as a Buy. Only 14.29% consider it a Hold, with no analysts recommending or strongly recommending selling the stock.

Looking at the consensus forecast from analysts, DECK is expected to deliver earnings per share (EPS) of $21.71 in the upcoming year. If these predictions hold true, it would represent an 11.35% increase in EPS on a year-over-year basis.

Examining DECK's performance since its last quarterly report, the stock price has surged by an impressive 300.76%. On a year-over-year basis, the stock is up by a notable 90.86%. During this period, DECK has outpaced the S&P 500, which has seen a comparatively modest increase of 13.88%.

UBS analyst Jay Sole is ranked in the top 9% of Wall Street analysts by WallStreetZen, placing them among the elite in their field. With an average return of 9.36% and a win rate of 57.61%, Sole specializes in the Industrials and Consumer Cyclical sectors.

Deckers Outdoor Corporation, founded in 1973 and headquartered in Goleta, CA, is a company that designs and distributes footwear. Their portfolio of brands includes UGG, Teva, Sanuk, Hoka One One, and Koolaburra.

Many investors find analysts' recommendations and price targets to be useful data points. However, different investors have different priorities and risk profiles. All investors should conduct their own investment due diligence before buying a stock.

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