Analyst Janine Stichter of BTIG reiterated a Buy rating on Deckers Outdoor (DECK – Research Report), with a price target of $946.00.
Janine Stichter’s Buy rating for Deckers Outdoor is influenced by a mix of strategic leadership appointments and the brand’s potential for growth. The recent appointment of Robin Green as President of HOKA signals a positive move, with Green bringing a wealth of experience from her 17-year tenure at Nike, where she specialized in running and fitness. This appointment is seen as a strategic fit, bolstering Deckers’ leadership as the company prepares for a smooth CEO transition, with Stefano Caroti stepping into the role following Dave Powers’ retirement. Stichter views this careful approach to filling a critical leadership role as a testament to Deckers’ thoughtful planning for future success.
Further, Stichter’s Buy rating is underpinned by the growth trajectory of the HOKA brand. HOKA remains under-penetrated in key categories, suggesting ample opportunity for market expansion. Moreover, the brand is in the nascent stages of its international growth and has just started to venture into new product categories like apparel. Deckers has been experiencing strong direct-to-consumer demand, while maintaining a controlled wholesale distribution strategy. These factors contribute to Stichter’s confidence in Deckers, reaffirming a $946 price target and the company’s position as a top pick for 2024.
In another report released on February 6, KeyBanc also initiated coverage with a Buy rating on the stock with a $960.00 price target.
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Deckers Outdoor (DECK) Company Description:
Deckers Outdoor Corp. engages in the business of designing, marketing, and distributing footwear, apparel, and accessories developed for both everyday casual lifestyle use and high performance activities. It operates through the following segments: UGG Brand, HOKA Brand, Teva Brand, Sanuk Brand, Other Brands, and Direct-to-Consumer. The UGG Brand segment offers a line of premium footwear, apparel, and accessories. The HOKA Brand segment sells footwear and apparel that offers enhanced cushioning and inherent stability with minimal weight, originally designed for ultra-runners. The Teva Brand segment focuses on the sport sandal and modern outdoor lifestyle category, such as sandals, shoes, and boots. The Sanuk Brand segment originated in Southern California surf culture and has emerged into a lifestyle brand with a presence in the relaxed casual shoe and sandal categories. The Other Brands segment includes the Koolaburra by UGG brand. The Direct-to-Consumer segment comprises of retail stores and e-commerce websites. The company was founded by Douglas B. Otto in 1973 and is headquartered in Goleta, CA.
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