11:53 AM EDT, 05/24/2024 (MT Newswires) -- Deckers Outdoor ( DECK ) shares look set for further gains as momentum is strong particularly for its major footwear brands UGG and Hoka, Wedbush said in a note Friday.

The firm said Deckers remains one of the "fundamentally strongest names" in its coverage, underscored by the company's fiscal Q4 earnings that exceeded market estimates significantly.

"Considering the strong momentum at both major brands, conservative [fiscal 2025] guidance, and a fortress balance sheet, we remain very bullish on DECK shares," Wedbush analysts Tom Nikic and Matt Quigley said in the report.

Wedbush is particularly impressed with the Hoka brand's "significant acceleration" in Q4 from the prior quarter, and said the UGG brand "remains incredibly hot as well."

Wedbush has an outperform rating on the stock and $1,030 price target.

Shares of the company climbed nearly 14% to $1,026.75 in recent trading.

Price: 1027.06, Change: +122.41, Percent Change: +13.53