Evercore ISI Keeps Their Buy Rating on Deckers Outdoor (DECK)We think DECK delivered a solid F3Q25, beating on revenues (+5.4pp above Street), gross margins (+340bps above Street), and EPS (+16pp above Street). That said, with the stock down around -15% after market, it clearly indicated that the print was below buyside expectations. We think bears were concerned with the deceleration in HOKA growth particularly in domestic wholesale, SG&A deleverage coupled with a premium valuation multiple. Moreover, DECK usual practice of a very conservative FY25 guide did little to alleviate those concerns (we think buyside was expecting EPS guide to be above $6.00). Taking a step back, we continue to think that both UGG and HOKA have solid underlying brand momentum with a strong pipeline of innovation in the upcoming quarters that will propel DECK’s topline growth for the medium term. Instead, we think the