Why Deckers Outdoor Stock Dropped 7% Today

All of a sudden, investors are wondering whether a shoe stock should really cost nearly $1,000.Shares of Deckers Outdoor (DECK -6.65%) slid 7.3% through 2:50 p.m. ET Wednesday after Truist Securities analyst Joseph Civello downgraded the shoemaker from buy to hold, and cut his price target by 12% to$ 864 a share.Deckers is probably best known for selling the Ugg and Teva brands, but it was actually the fast-growing Hoka sportswear brand that earned the analyst's ire, on worries it might grow only 25% this y ...