Canaccord analyst Camilo Lyon raised his price target on Deckers Brands to $110 from $100 following what he called "stellar" Q3 results. The analyst saw strong selling momentum across most brands and channel inventories were clean. The analyst was encouraged by robust UGG reorders which carried into January and said the company's efforts to innovate across its product line is paying dividends. Lyon reiterated his Buy rating on Deckers Brands shares.
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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.