UPDATE: Piper Jaffray Raises PT on Deckers Outdoor to $100

Piper Jaffray is out with its report today on Deckers Outdoor DECK, raising its PT from $91 to $100. In a note to clients, Piper Jaffray writes, "We are raising our estimates and price target ahead of the FQ2 earnings release following meeting with COO Zohar Ziv. While FQ2 results will be impacted by the transition to direct distribution in the UK and Benelux, we believe results are tracking slightly ahead of initial expectations. Our observations from the Nordstrom Anniversary Sale also suggest a solid start to the fall season with UGG boots well-represented and boots remaining a key item in the current fashion cycle. Our price target increases from $91 to $100 based on 18x FY12E EPS of $5.54." Shares of DECK closed Thursday at $96.55, up 1.62% from Wednesday's close.