Piper confident in demand trends at four companies after teen survey

Piper Sandler came away from the firm’s 45th semi-annual survey of teens with more confidence in demand trends at Deckers Brands (DECK), On Holding (ONON), Crocs (CROX), and Lululemon (LULU), and more caution at Under Armour (UAA). Athletic apparel continues to trend upward, with 45% of upper-income teens citing an athletic brand as their favorite apparel brand, led by Nike (NKE) and Lululemon (LULU), but some moderation in athletic footwear mindshare started to show, the analyst tells investors in a research note. Piper thinks this can be attributed to strength within casual footwear,’ including brands such as Ugg, Crocs, and Hey Dude. The most notable move within in the survey was the appearance of Deckers’ Ugg in the top 10 footwear ranking, with the highest mindshare seen since 2015, notes Piper.