11:47 AM EDT, 07/11/2024 (MT Newswires) -- Deckers Outdoor ( DECK ) shares are currently positioned favorably amid the market downturn, offering a strategic opportunity for investment, Wedbush said in a note Thursday.

"[Deckers Outdoor ( DECK )] shares are down more than 20% since hitting an all-time high in early June (vs. SPX +5%), which we think presents a buying opportunity in one of the strongest, best-run companies in our coverage," Wedbush said, adding that

the company's Hoka and UGG brands maintain strong brand appeal, with UGG experiencing its seasonal low in fiscal Q1, which represents less than 10% of its annual revenue.

"We believe brand awareness and consumer acceptance of Hoka continue to climb, allowing the brand to continue growing strongly," Wedbush said. Despite fiscal Q1 being UGG's seasonal low, the brand continues to resonate strongly with consumers, promising robust demand for the upcoming Fall/Winter season, it added.

Wedbush has an outperform rating on Deckers Outdoor ( DECK ) with a 12-month price target of $1,030.

Price: 888.96, Change: -4.41, Percent Change: -0.49