Piper Sandler analyst Anna Andreeva downgraded Deckers Outdoor (DECK) to Underweight from Neutral with a price target of $85, down from $100. The shares are up 34% since early November but Deckers has “leaned into” discounting at both its Hoka and Ugg brands beginning this summer, the analyst tells investors in a research note. Piper is concerned about the company’s promotions being used as an “unhealthy consumer acquisition tool.” The sales could create potential conflict with Deckers’ wholesale customers, Piper contends.
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