Susquehanna upgrades Deckers Outdoor (DECK +2.1%) to a Positive rating from Neutral on its view that the HOKA brand is taking off with consumers.
"Recent checks indicate HOKA’s momentum is accelerating faster than we previously anticipated. UGG is well positioned heading into FY20, as cleanup efforts overseas should be in the rearview by fall ’19 and product allocation/segmentation strategies are continuing to evolve. Operational efficiencies and improved inventory discipline should continue to result in operating leverage," notes the Susquehanna analyst team.
The firm lifts its price target on Deckers to $169. The 52-week high on DECK is $159.75.
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