Deckers Outdoor price target lowered to $1,100 from $1,110 at Evercore ISI

Evercore ISI lowered the firm’s price target on Deckers Outdoor to $1,100 from $1,110 and keeps an Outperform rating on the shares. During the past week, Deckers stock pulled back by about 5% in a single day on concerns over a DTC slowdown for both HOKA and UGG following June DTC data, the analyst noted. After having spokes to four different retailers, the firm believes that June did see a slowdown in the U.S., particularly on the specialty running channel on lower allocations, but Europe and China remained strong with high growth and retailers pointed to ongoing brand heat and expectations for second half growth momentum to continue, the analyst tells investors. The recent pullback over the last week also provides a better set up into the earnings print, the analyst added.