UPDATE: Sterne Agee Reiterates on Deckers Outdoor Following Review of Fall '14 UGG Product Offerings

In a report published Wednesday, Sterne Agee analyst Sam Poser reiterated a Buy rating on Deckers Outdoor (NASDAQ: DECK), and raised the price target from $88.00 to $110.00.

In the report, Sterne Agee noted, “After previewing the fall '14 UGG collection, for 2H14, we anticipate a modest increase in the domestic wholesale business, a material increase to the international wholesale business, especially Asia, and a material increase to the company's direct to consumer businesses. Raising PT from $88 to $110 which equates to a PE of 18.7X our 2015 estimate. We believe the valuation deserves to expand given current trends and improved product offerings.”

Deckers Outdoor closed on Tuesday at $86.09.