Deckers Outdoor downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Deckers Outdoor (DECK) to Sector Weight from Overweight without a price target following the Q4 report. Hoka’s slowing trajectory, Deckers’ shift toward wholesale door growth, and potential demand erosion from price increases “raise concerns despite a better than expected quarter,” the analyst tells investors in a research note. The firm says the Hoka brand “no longer feels as competitively positioned” versus other disruptive running brands that continue to outperform, raising concerns it may be losing mindshare. With U.S. awareness already high, there is limited upside in shares, contends KeyBanc.