Deckers Outdoor initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Deckers Outdoor with an Outperform rating and $960 price target. The analyst says Deckers offers “one of the best plays” with a high-quality growth profile and portfolio of differentiated brands which should sustain strong brand momentum. The market underappreciates Hoka’s “untapped brand awareness,” the analyst tells investors in a research note. The firm sees margin expansion opportunity and a supportive macro backdrop for the company.