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Fly News Breaks for April 28, 2015
DECK
Apr 28, 2015 | 07:03 EDT
Piper Jaffray lowered its price target for Deckers Outdoor to $70 after its channel checks in Europe indicated UGG trends have been lackluster year-to-date. Piper believes shares of Deckers may be volatile in the near-term should estimates remain under pressure. The firm lowered its FY16 earnings estimate to $4.98 from $5.08 and FY17 estimate to $5.74 from $5.80. Piper thinks the upcoming earnings report could show incremental pressure in gross margin, underperformance of comps and moderating pricing premiums in China. It keeps a Neutral rating on the stock.
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