UPDATE: Jefferies Raises PT on Deckers Outdoor to $100 (DECK)

Jefferies is out with its report today on Deckers Outdoor (NASDAQ: DECK), raising its price target from $90 to $100.

In a note to clients, Jefferies writes, "We see continued UGG momentum in 2011 driven by a broader year-round US business, strong international growth and global retail acceleration. Teva's early-stage resurgence provides a second cog to an already attractive story. Significant (and growing) cash balance is a catalyst waiting to happen. DECK remains our top 2011 pick. Our price target reflects a premium multiple as justified by a stronger growth profile and upward EPS bias. We arrive at $100 using a blended average of 22x P/E and 13x EV/EBITDA."

Jefferies maintains Buy on DECK.

At the time of posting, shares of DECK were trading at $92.28, up 2.50% from Friday's close.