Piper downgrades Deckers Outdoor to Neutral with thesis played out

Piper Sandler analyst Abbie Zvejnieks downgraded Deckers Outdoor (DECK) to Neutral from Overweight with a price target of $650, up from $620. The firm says its Ove weight thesis has largely played out and the stock’s valuation now looks fair. Piper’s Our thesis, which included continued Hoka momentum, near-term Ugg tailwinds, and an attractive valuation has largely played out, the analyst tells investors in a research note. Hoka has quickly reached the number one brand within run specialty, and without a complete lifestyle offering, market share gains are more limited from here, contends the firm. Piper’s top pick in this space is On Holding (ONON).