Deckers Outdoor price target lowered to $115 from $137 at Raymond James

Core Viewpoint - Raymond James analyst Rick Patel has lowered the price target for Deckers Outdoor (DECK) to $115 from $137 while maintaining a Strong Buy rating on the shares, indicating a cautious outlook despite positive performance indicators [1]. Financial Performance - Deckers reported a Q2 earnings beat across EPS, revenue, and margins, showcasing strong financial performance in the recent quarter [1]. - The company initiated guidance for FY26, which implies a deceleration in growth moving forward [1]. Market Reaction - Following the earnings report, Deckers' stock experienced a decline in after-market trading, reflecting market concerns despite the positive earnings results [1]. Positive Indicators - Underlying demand for HOKA remains strong, suggesting robust consumer interest and potential for continued sales growth [1]. - HOKA's U.S. direct-to-consumer sales improved quarter-over-quarter in Q2, indicating effective sales strategies and consumer engagement [1]. - Stronger UGG wholesale sell-in is viewed as a sign of strength, reflecting positive relationships with retailers and demand for the brand [1]. - International growth is strong, demonstrating that Deckers is successfully applying its U.S. business strategies in global markets [1].