As previously reported, Buckingham upgraded Deckers Brands to Buy from Neutral and raised its price target to $80 from $60. Following favorable channel checks, analyst Scott Krasik has taken a more positive view on the recently completed holiday season and sales and margin expansion opportunities for the UGG brand through FY20. He believes increased diversification with the UGG brand, more predictable product costs and operating expenses, and accelerating free cash flow will lead to operating margin back to a low to mid-teens rate by FY20. Krasik said Deckers' shares are trading below both historical and peer group averages and is well positioned for upside based on in-line or better Q3 results.

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As previously reported, BofA downgraded Deckers Outdoor to Neutral from Buy with a price target of $860, down from $875, as the firm sees a better risk/reward elsewhere in the analyst's coverage. The firm is "not making a call that near-term trends at UGG and HOKA are breaking," it does note that expectations are high and expresses cautiousness that a softer-than-expected margin outlook could temper the pace of upward earnings revisions.