Deckers Outdoor initiated with an Outperform at Raymond James

Raymond James analyst Rick Patel initiated coverage of Deckers Outdoor with an Outperform rating and $565 price target. The company has a long track record of strong execution while its HOKA brand has strong momentum and is in the early innings of long-term growth globally. the analyst tells investors in a research note, adding that Deckers’ UGG remains an attractive brand with long-term opportunities. The firm adds however that industry headwinds are escalating in North America, while the premium running category is becoming “increasingly crowded”.