Pivotal Research analyst Mitch Kummetz upgraded Deckers Brands to Buy from Hold, saying he now views risk/reward as favorable at current levels. In a research note to investors, Kummetz says there are now early indications that October/November weather could be favorable, which would suggest potential upside to Deckers' FY20 sales and gross margin guidance, adding that he continues to like what's happening with Hoka as brand momentum remains strong through the first half of the second quarter, with this being another source of potential upside to the year. The analyst lowered his price target to $167 from $175.