Citi increased its price target on Deckers Outdoor (NYSE:DECK) to $665.00 from prior $515.00 while keeping its Buy rating on the stock unchanged. They expect a strong Q1/24 earnings beat on July 27, with an estimated EPS of $2.59, compared to the Street estimate of $2.13.

The analysts anticipate improved Hoka DTC sales and higher gross margin. Additionally, they expect management to raise fiscal 2024 sales guidance to low-double-digit growth and adjust EPS accordingly. Citi's 2024 of $23.01 is above the Street estimate of $21.97 due to strong Hoka sales and GM outlook.