Deckers Outdoor Analysts Boost Their Forecasts After Strong Earnings

Deckers Outdoor Corporation DECK reported better-than-expected third-quarter financial results on Thursday.

Deckers reported third-quarter earnings of $15.11 per share, exceeding the Street's estimate of $11.48, an increase of 44% compared to earnings of $10.48 per share in the same period last year. Revenue of $1.560 billion beat analyst estimates of $1.448 billion, marking a growth of 16.0% compared to $1.346 billion in the same period last year, according to data from Benzinga Pro.

Deckers said it sees full-year 2024 adjusted earnings between $26.25 and $26.50 per share and revenue of approximately $4.15 billion. Additionally, the gross margin is now estimated to be approximately 54.5%.

"Our brands delivered Deckers' largest quarter in history, with record revenue and earnings as both HOKA and UGG drove exceptional performance in the quarter, led by our DTC channel and high levels of full-price selling," said Dave Powers, president and CEO.

Deckers shares gained 2.5% to close at $772.85 on Thursday.

These analysts made changes to their price targets on Deckers after the company reported quarterly results.

• Telsey Advisory Group raised the price target on Deckers from $850 to $930. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating.
• Wedbush increased Deckers price target from $825 to $895. Wedbush analyst Tom Nikic maintained an Outperform rating.
• Wells Fargo boosted the price target on Deckers from $625 to $775. Wells Fargo analyst Kate Fitzsimons maintained an Equal-Weight rating.
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