TD Cowen analyst John Kernan met with Deckers Brands management and came away with more conviction in the outlook and brand strategy at HOKA. Management believes that the UGG brand is in a much stronger position now than it was five years ago and remains confident in long-term annual sales growth for UGG. Management made it clear it’s poised to reinvest top-line growth and gross margin expansion into SG&A and growth initiatives. TD Cowen reiterated its Outperform rating and $480 price target on Deckers Brands shares.
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