Citi raised the firm’s price target on Deckers Outdoor (DECK) to $215 from $178 and keeps a Neutral rating on the shares. The firm expects a “big” fiscal Q3 earnings per share beat of $2.89 for Deckers Outdoor, above the consensus estimate of $2.53, driven by stronger Hoka and Ugg sales and stronger gross margin. Unlike previous quarters when there were concerns about Ugg and Hoka results that led to investor caution, “all signs point to a strong holiday season” for both brands, the analyst tells investors in a research note. Citi anticipates a very strong quarter from Deckers, but says positioning leaves it more cautious, suggesting a balanced risk/reward for the shares.
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