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DECK

Deckers Brands

$66.50

0.6 (0.91%)

08:03
11/10/17
11/10
08:03
11/10/17
08:03

Deckers Brands issues letter urging shareholders to vote for board nominees

Deckers Brands announced today that its Board of Directors is sending a letter to stockholders highlighting the board's confidence in its transformation strategy, which is further emphasized by the recently announced $400M stock repurchase authority. The letter says, "At our upcoming Annual Meeting of Stockholders on December 14, 2017, you will be asked to make an important decision regarding the future direction of our company and the value of your investment. Your Board of Directors and management team are transforming Deckers in order to win in this environment and meet the challenges posed by the sweeping changes in the retail and branded products industries. This transformation is already delivering increased stockholder value and positioning Deckers to create even more stockholder value in the future. We are confident in our future prospects, and our latest quarterly results and recently announced plan to repurchase $400M of our stock are strong signals that Deckers is on the right path. Despite the progress that we have made, Marcato Capital Management continues to persist in a distracting and expensive proxy contest to replace every current director and install its own slate of nominees on our Board, none of whom we have been allowed to meet. We believe that the election of Marcato's unvetted nominees will derail the progress and momentum that we have made, lead to executive departures and put the value of your investment in Deckers at risk. Your vote "FOR" ALL nine of Deckers' directors is a vote to continue a transformation strategy that is producing solid results. We urge you to vote today on the WHITE proxy card. Please simply disregard the Gold proxy card sent to you by Marcato."

DECK Deckers Brands
$66.50

0.6 (0.91%)

10/16/17
10/16/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Citi (C) downgraded to Sell from Hold at Societe Generale with analyst Andrew Lim citing the bank's third quarter earnings report. 2. Deckers Brands (DECK) downgraded to Negative from Neutral at Susquehanna with analyst Sam Poser saying he believes its struggles will continue regardless of whether Marcato adds some of its people to the company's board. 3. Adobe (ADBE) downgraded to Hold from Buy at Deutsche Bank with analyst Nandan Amladi saying the valuation is "relatively full" with the shares up 50% year-to-date. 4. Ulta Beauty (ULTA) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Matthew Fassler saying recent data points, including a slowdown in Sephora U.S. sales and Bloomberg SpendTrend, suggest a more complicated path to recovery. 5. Bristol-Myers (BMY) downgraded to Hold from Buy at Jefferies with analyst Jeffrey Holford saying the shares, following the recent rally, have "significant downside risk" should lung cancer trial CheckMate-227 fail. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/16/17
SUSQ
10/16/17
DOWNGRADE
Target $55
SUSQ
Negative
Deckers Brands downgraded to Negative at Susquehanna
As previously reported, Susquehanna analyst Sam Poser downgraded Deckers Brands to Negative from Neutral as he believes its struggles will continue regardless of whether Marcato adds some of its people to the company's board. He said the UGG brand has diminished due to poor distribution choices and he believes the bench talent is lacking to drive its other brands. Poser lowered his price target to $55 from $57 on Deckers Brands shares.
10/16/17
SUSQ
10/16/17
DOWNGRADE
SUSQ
Negative
Deckers Brands downgraded to Negative from Neutral at Susquehanna
10/06/17
BARD
10/06/17
NO CHANGE
Target $67
BARD
Neutral
Marcato plan for Deckers Brands could increase execution risk, says Baird
Baird analyst Jonathan Komp noted Marcato Capital revealed its plans for Deckers Brands to increase shareholder value. He said he has some concerns about its proposals to more aggressively lever the balance sheet while potentially replacing the board/management, which could lead to an increase in short-term execution risks. Komp maintained his Neutral rating and $67 price target on Deckers Brands shares.

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BHGE

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