Deckers Outdoor hits record high after Truist lifts PT on strong holiday sales

Nordstrom

03/12/2024 15:56

(Updates)
    ** Shares of Hoka-owner Deckers Outdoor  DECK.N  rise as
much as 1.7% to record high of $205.35
    ** Truist raises co's PT to Street high of $230 from $205
    ** Brokerage says DECK's UGG shoes are rapidly selling out
this holiday season
    ** Notes UGG Lowmel women's sneakers are sold out at
retailers including Amazon  AMZN.O , Foot Locker  FL.N ,
Nordstrom  JWN.N  and Macy's M.N ; says they continue to sell at
premium to secondary-sellers
    ** Adds wholesale data shows Hoka remains leading brand at
retailers Dick's Sporting Goods  DKS.N  and Fleet Feet; notes
Hoka Bondi 8 is best-selling footwear for men and women at DKS
    ** Brokerage says DECK is very effectively clearing
wholesale channel to make way for key upgrades to Bondi and
Clifton franchises
    ** Fourteen of 24 brokerages rate stock "buy" or higher,
nine "hold" and one "sell"; median PT is $190 - data compiled by
LSEG
    ** Up to Monday's close, stock has risen ~81% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))