Piper Jaffray Neutral On Deckers Outdoor (DECK)

Piper Jaffray has a Neutral rating and a $98 price target on shares of Deckers Outdoor

. In a note to investors, Piper Jaffray writes, "We believe sales of outdoor footwear remained solid throughout the Q1, benefiting both the Teva and UGG brands. In addition, we believe the adoption of new UGG sandals is going well to date, but the second quarter will be a better indicator. As such, we are raising our FQ1 estimate, but adjusting the timing of the rest of the year to account for taking back control of the UK and Benelux regions. We believe direct distribution in international markets coupled with recent management additions should help the company achieve its goal of $800M of international revenue by 2015. We are maintaining our Neutral rating and $98 price target as we believe the current valuation reflects strong results and the potential for significant international growth." Shares of DECK lost 19 cents yesterday to close at $95.92, a loss of 0.2%.