Jefferies Maintains Buy On DECK

Jefferies is maintaining its Buy rating on Deckers Outdoor DECK due to weakness shown in early 2Q after a strong 1Q report. According to Jefferies, “Despite a beat and raise, shares are indicated down on a low 2Q guide, 'only' a 5c beat and international execution issues. Silver lining: int'l transition related issues have been rectified, core UGG momentum is intact and 2H implied EPS guidance is well above consensus. As such, we are buyers on weakness despite near-term noise and a heavier weighted 2H EPS story.” Jefferies maintains its $105 price target on the stock. DECK closed at $94.45 yesterday.