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Deckers Rallies After Analyst Highlights Running Shoe Potential

Stocks in this article: DECK

NEW YORK (TheStreet) -- Sales of Deckers Outdoor's (DECK) HOKA running shoes could surge in the next two years, wrote research firm Piper Jaffray in a note to investors earlier today.

WHAT'S NEW: After surveying more than 100 elite runners over the last year, Piper Jaffray found that 4% of the runners now recognize HOKA, up from 2% in the previous year, Piper analyst Erinn Murphy reported. Additionally, HOKA is now the sixth most recognized brand, moving up from seventh the previous year, according to the analyst, who believes that the increase in rank was impressive. HOKA likely generated just $12M-$15M of sales for the footwear maker last year, but could become a $100M brand over the next two years, Murphy predicted. Moreover, she believes that Deckers' UGG, Teva, and Sanuk brands are also seeing "solid traction." The analyst kept a $105 price target and Overweight rating on the stock.

WHAT'S NOTABLE: Deckers reported stronger than expected fourth quarter results on April 24.

PRICE ACTION: In early trading, Deckers rose a bit over 2% to $77.95.

OTHERS TO WATCH: Other running shoe makers include Nike (NKE), Under Armour (UA) and Skechers (SKX).

Reporting by Larry Ramer.

The Fly provides comprehensive coverage of stock news and Street research and delivers it in real-time. The Fly breaks market-moving news and explains sudden stock movements in a rapid-fire, short-form story format. Follow @theflynews on Twitter. For a free trial, click here.

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