Deckers Outdoor upgraded to Strong Buy from Outperform at Raymond James

Raymond James upgraded Deckers Outdoor (DECK) to Strong Buy from Outperform with a price target of $150, down from $235. Raymond James sees a low bar Q4 beat, and in-line FY26 guidance, the analyst tells investors in a research note. The firm says that HOKA deceleration is known but long-term runway is significant and intact, and that UGG moderation is already expected. The firm’s sum-of-the-parts supports a significantly higher stock.