BTIG downgraded Deckers Outdoor (DECK) to Neutral from Buy without a price target The firm sees the stock’s risk/reward as balanced after its channel checks picked up a slower start to the holiday for Ugg and likelihood that any upside stems more from wholesale than direct-to-consumer, which it sees as unlikely to be rewarded by investors at current valuation levels. The checks also show signs of Hoka growth moderating after a “robust multi-year run, as “competitors play catch up, the analyst tells investors in a research note. BTIG says third party data, including credit card data, web traffic, search Interest, and resale data, all point to a moderation in trend across both Ugg and Hoka in Q3.
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