Growth Slowdown Oversold, Opportunity as Co. Finds Its Footing; U/G to Buy

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Growth Slowdown Oversold, Opportunity as Co. Finds Its Footing; U/G to Buy

USA | Apparel, Footwear & Textiles

Deckers Outdoor EquityJulyResearch13, 2026

RATING | TARGET | ESTIMATE CHANGEGrowth Slowdown Oversold, Opportunity as Co.

RATING BUY (HOLD)Finds Its Footing; U/G to Buy

PRICE $105.99^

We see the co's MT guide as achievable and view upside oppty over 12+

mos depending on success of HOKA product innovation, where early signs are PRICE TARGET | % TO PT $130.00 ($110.00) | +23%

encouraging. We esp. like HOKA's segmentation across more performance and 52W HIGH-LOW $126.50 - $78.91

into lifestyle, where it can levg. learnings from UGG. While HOKA is key debate, FLOAT (%) | ADV MM (USD) 97.1% | 221.45

UGG should also be more durable than mkt expects, and we are biased to OM% MARKET CAP $15.0B

upside over time esp. as oil prices normalize. 13% of mkt cap in cash supports TICKER DECK ^Prior trading day's closing price unless otherwise

downside. noted.

New MT Guide Highlights Improved Visibility; More Normalized Growth Outlook Reflected in FY (Mar) CHANGE TO JEFe JEF vs CONS

Shares: DECK's med-term guide provided on the Q4 earnings call (+HSD% rev, ~stable OM% in 2027 2028 2027 2028

low-20%s, +LDD% EPS w/ buyback) marks a significant development. While EBIT growth is implied REV +1% +2% NM +1%

to slow to ~HSD% vs. ~20% CAGR the last 6 yrs as the business has matured and co. has faced

EPS +2% +6% NM +4%

macro and some growth-related headwinds, we believe this is reflected in shares (P/E from 33x to

~13x), and co. has meaningful ability to deliver upside given strong track record. Importantly, the

2027 ($) Q1 Q2 Q3 Q4 FY

MT guide shows mgmt. is now more confident it has multi-yr visibility to sustain growth and at least

EPS 0.87 1.83 3.77 1.04 7.49