Deckers Outdoor falls after Piper Sandler downgrades to 'underweight' rating

Shares of Hoka parent Deckers Outdoor DECK.N down 4.1% at $103.01 premarket

Piper Sandler downgrades stock to "underweight" from "neutral"; cuts PT to $85 from $100, representing nearly 21% downside from stock's last close

With Deckers leaning more into discounts for both HOKA and UGG, Piper flags concerns that promotions may be "unhealthy" customer acquisition tool amid cooling athletic cycle

"At almost 22% this year, DECK's profitability is well above athletic peers and could further reset as company continues to invest, especially in HOKA's brand awareness as it grows internationally," Piper says

14 of 27 brokerages rate stock "buy" or higher, 11 "hold" and 2 "sell" or lower; their median PT is $105.37 - data compiled by LSEG

DECK shares down about 49% in 2025