NEW YORK (AP) — An analyst is raising his price target for Ugg boots maker Deckers Outdoor, citing its improving overseas business and cold weather.
Sam Poser of Sterne, Agee & Leach said in a client note that recent colder temperatures seem to be lifting Ugg sales, particularly its classic styles and slippers. The analyst said that sales also appear to be doing well in areas frequented by tourists, especially European and Asian tourists.
"We believe that the strength of Ugg sales in tourist areas will correlate to accelerate same-store sales at Ugg stores in international markets," Poser wrote.
A week ago several analysts said that they expect Deckers Outdoor Corp. to have a solid holiday season, partly because of cold weather and new products.
Poser increased Deckers' price target to $88 from $80 and kept a "Buy" rating.