11:04 AM EDT, 05/06/2024 (MT Newswires) -- Deckers Outdoor ( DECK ) is likely to report a "big beat" for its fiscal Q4 results amid continued strong momentum in its two major brands, Hoka and UGG, Wedbush Securities said Monday.

The firm now expects the company to post fiscal Q4 earnings of $2.98 per share on revenue of $869.3 million, up from its prior guidance of EPS of $2.23 on revenue of $848.5 million.

"For the 3rd consecutive quarter, investor fear seems to be mounting on DECK shares, which we view as a buying opportunity ahead of fiscal 4Q24 earnings," Wedbush analysts Tom Nikic and Matt Quigley said in a note.

"We're most encouraged by data we've seen suggesting exceptionally strong DTC growth for both the UGG and Hoka brands in recent weeks, demonstrating that brand heat remains extremely high for both brands," the analysts said.

The company's shares were up more than 2% in recent trading.

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