Raymond James analyst Rick Patel lowered the firm’s price target on Deckers Outdoor (DECK) to $115 from $137 and keeps a Strong Buy rating on the shares. The firm notes the company reported a Q2 beat across EPS, revenue, and margins but initiated FY26 guide implying deceleration. The stock is lower after-market, but Raymond sees several positives, including underlying demand for HOKA remains strong; HOKA’s U.S. direct-to-consumer improved quarter-over-quarter in Q2; stronger UGG wholesale sell-in is a sign of strength; and strong International growth shows Deckers is successfully exporting its U.S. playbook abroad.
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