BUZZ-Truist lifts Deckers Outdoor's PT to Street high on strong holiday sales

Reuters2024-12-03

BUZZ-Truist lifts Deckers Outdoor's PT to Street high on strong holiday sales

** Brokerage Truist raises Hoka-owner Deckers Outdoor's DECK.N PT to a Street high of $230 from $205

** Brokerage says DECK's UGG shoes rapidly selling out this holiday season

** Says UGG Lowmel women's sneakers are sold out at retailers including Amazon AMZN.O, Foot Locker FL.N, Nordstrom JWN.N, and Macy'sM.N; says they continue to sell at premium to secondary-sellers

** Also says that wholesale data shows Hoka remains a leading brand at retailers Dick's Sporting Goods DKS.N and Fleet Feet; says Hoka Bondi 8 is the best-selling footwear for both 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 - LSEG data

** Up to Monday's close, stock has risen ~81% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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