Deckers rises as Jefferies upgrades to 'buy', hikes PT citing Hoka's recovery
BUZZ-Deckers rises as Jefferies upgrades to 'buy', hikes PT citing Hoka's recovery Updates
** Hoka-owner Deckers Outdoor's DECK.N shares rise as much as 4.5% to $110.71 in early trading
** Jefferies raises rating on the running shoe maker to "buy" from "hold," citing improved confidence in recovery of brand Hoka and durable growth in brand UGG
** Ups PT on stock to $130 from $110, representing a 22.7% premium to its Friday close
** "We think Hoka has meaningful runway for product innovation that still leads with performance and functional aspects but leans into comfort" - Jefferies
** Sees operating margin growth over time, especially as oil prices normalize
** Says DECK's new medium-term guidance is a "significant development" because it signals management now has better visibility on sustaining growth and maintaining margins
** 14 of 27 brokerages rate the stock "buy" or "higher", 11 "hold" and two "sell"; their median PT is $130, as per estimates compiled by LSEG
** Up to last close, stock up about 2% YTD
(Reporting by Shania S Thomas in Bengaluru)