UPDATE: Credit Suisse Upgrades Deckers Outdoor Corp. to Neutral, Raises PT on Positive Growth Outlook

In a report published Monday, Credit Suisse analyst Christian Buss upgraded the rating on

from Underperform to Neutral, and raised the price target from $61.00 to $82.00. In the report, Credit Suisse noted, “Results were robust across geographies and channels, with the outlook for continued top-line and earnings growth; this suggests that recent (aggressive) investments in owned retail and international will ultimately generate higher returns than previously anticipated. When combined with a return to inventory discipline and a modest tailwind from the acquisition of Hoka One One, we now think that modest topline growth and double-digit earnings growth can be sustained. In short, our caution regarding SG&A investment was misplaced and we got this one wrong. We now believe that DECK shares warrant a multiple inline with footwear peers (15x forward earnings) which suggests a 12-month target price of $82. We upgrade shares to Neutral.” Deckers Outdoor Corp. closed on Friday at $83.16.