Deckers Outdoor: Irresistible Bargain (Rating Upgrade)

I am upgrading Deckers Outdoor to a 'buy' with a $129 price target, reflecting a 27% upside after a significant valuation contraction. International momentum for HOKA and UGG brands is driving revenue growth, offsetting domestic weakness, and supporting a promising long-term trajectory. Short-term headwinds include slowing US sales, gross margin pressures from tariffs, and lack of full-year guidance, but these risks appear priced in.