11:57 AM EDT, 03/15/2024 (MT Newswires) -- Deckers Outdoor's ( DECK ) two major brands, UGG and Hoka, likely have "compelling" growth runways and strong revenue potential, Wedbush Securities said Friday in a report.

The brokerage said it's "incrementally positive" on the sustainability of the shoemaker's momentum following meetings with Deckers Chief Financial Officer Steve Fasching and Erinn Kohler, vice president of investor relations.

"We believe this is one of the best-run companies in our coverage," Wedbush analysts Tom Nikic and Matt Quigley said. The UGG brand likely is "in the best place it's ever been," while Hoka still has runway for growth, they said.

Wedbush increased its 2024 earnings outlook for the company to $26.50 a share from $26.32. The firm also raised its price target on the stock to $1,000 from $895 with an outperform rating.

Shares of the company fell 0.8% in recent trading Friday.

Price: 925.60, Change: -7.45, Percent Change: -0.80