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On Monday, Needham analysts increased their price target on Deckers Outdoor Corporation (NYSE:DECK) shares to $246 from the previous $226, while maintaining a Buy rating for the company.
The firm highlighted Deckers' consistent performance, noting the company as a standout in the sector with strong momentum in its key brands, Hoka and UGG.
The analysts pointed out that Deckers has been a fundamentally robust name within their coverage for several years. They emphasized the company's conservative guidance for the second half of the fiscal year, suggesting that Deckers is likely to continue its pattern of exceeding expectations and raising future projections. This assessment follows the firm's decision to include Deckers on Needham's Conviction List since November 2024, reinforcing the stock as their top pick in the sector.
Needham also increased its earnings per share (EPS) forecasts for Deckers for fiscal years 2025 through 2027. The new EPS estimates are $5.36, $6.18, and $7.04, raised from the previous forecasts of $5.24, $5.97, and $6.64, respectively. The firm expressed confidence that there could be further upside, with a bull-case scenario for fiscal year 2025 EPS ranging between $5.75 and $6.00.
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