Raymond James analyst Rick Patel downgraded Deckers Outdoor (DECK) to Outperform from Strong Buy with an unchanged price target of $133. The firm cites valuation for the downgrade with the shares up 11% since the January 29 earnings report. Raymond James is “not turning bearish,” the firm is just shifting its rating to On Holding (ONON), a stock it notes has underperformed recently despite its expectation of strong fundamentals. Raymond James sees Deckers reporting better than expected fiscal Q4 results.
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