08:33 AM EDT, 05/23/2025 (MT Newswires) -- Deckers Outdoor ( DECK ) had a "solid" fiscal Q4 but slowing Hoka brand growth and potential demand erosion from price increases raise concerns, KeyBanc Capital Markets said in a Thursday note.

The Hoka brand does not look as "competitively positioned" against other running brands, raising worries that the brand may be "losing mindshare," analysts Ashley Owens and Chris Brazeau wrote.

Current market conditions also may provide a "more challenging" headwind than previously expected, the analysts said.

KeyBanc downgraded Deckers Outdoor ( DECK ) to sector weight from overweight.

Deckers' shares were down more than 19% in recent Friday premarket activity.