Deckers Outdoor downgraded to Neutral at BofA on margin caution

As previously reported, BofA downgraded Deckers Outdoor to Neutral from Buy with a price target of $860, down from $875, as the firm sees a better risk/reward elsewhere in the analyst’s coverage. The firm is “not making a call that near-term trends at UGG and HOKA are breaking,” it does note that expectations are high and expresses cautiousness that a softer-than-expected margin outlook could temper the pace of upward earnings revisions.