Barclays starts Deckers wtih Overweight on Hoka growth runway

Barclays initiated coverage of Deckers Outdoor with an Overweight rating and $1,110 price target. The analyst sees “continued runway for growth” of Deckers’ Hoka brand to take market share in footwear as it expands awareness from a relatively low base, driving new customer acquisition. An improving wholesale inventory backdrop supportive of replenishment likely to benefit Hoka as a traffic driving and full-priced selling brand, the analyst tells investors in a research note. The firm thinks Deckers is one of the best operationally run footwear companies within the group, and has one of the “most exciting growth engines” in Hoka.