Here's what this Credit Suisse analyst Christian Buss said in July, 26,2013
and on October 10,2013:
"In a report published Thursday, Credit Suisse analyst Christian Buss reiterated an Underperform rating and $47.00 price target on Deckers Outdoor Corp. (NASDAQ: DECK).
In the report, Credit Suisse noted, “We remain concerned about Deckers' return on recent retail investments and reiterate our view that 2H earnings could fall short of expectations. While 3Q remains a sell-in quarter, and risk is moderate heading into the 3Q report, recent retailer commentary and macroeconomic factors suggest the company is not well positioned for guided-to reacceleration of revenue growth and earnings power in 4Q. Guidance is for 4Q revenue growth of 14.5%, and EPS growth of 38% versus 2.5% revenue growth and earnings declines of 41% Y/Y in 3Q.”
Here's what he said in April 2013..
“We have some concerns about this disconnect between wholesale and distribution partner planning for sales declines and management guidance for owned retail growth, suggesting a heightened risk profile,” said Credit Suisse analyst Christian Buss, who has a neutral rating on the stock and estimated a 10% decline in first-quarter wholesale sales for Ugg. Despite favorable weather condition and new spring product introductions, the drop “suggests retailer (and distributor) support for the UGG brand is eroding.”
Buss said he’s also concerned about the company’s rising expense rate as it expands its own retail store footprint and in e-commerce."
"Credit Suisse analyst Christian Buss cut the stock to underperform from neutral.
Second-quarter results “leave us increasingly concerned about the underlying health of the Ugg brand,” he said. “More conservative ordering from wholesale customers serves as a leading indicator of brand maturation and more limited growth prospects.”