Piper Sandler initiates Deckers' coverage with 'overweight', Caleres with 'neutral'

Caleres

25/10/2022 11:49

** Brokerage Piper Sandler initiates coverage of footwear
company Deckers Outdoor Corp  DECK.N  with "overweight" and PT
of $440
    ** Notes it sees momentum at DECK's Hoka brand; adds that it
sees an upside scenario for UGG brand's performance this year
    ** Brokerage says initiating coverage of Caleres Inc  CAL.N 
with "neutral" rating, given the uncertainty of consumer
spending 
    ** Says it believes CAL can retain some margin gains at
Famous Footwear brand; sets PT at $28
    ** "Although the consumer spending environment has a high
level of uncertainty, we remain constructive on athletic and
casual footwear" - Piper Sandler
    ** Twelve of 15 brokerages rate DECK's stock "buy" or
higher, while three rate "hold"; with median PT of $405 -
Refinitiv
    ** Three of four brokerages rate CAL's stock "buy", while
one rates hold; with median PT of $37, per Refinitiv
    ** Up to Monday's close, DECK's stock had fallen 1.2% this
year, while CAL had risen 15.1%
 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))