The firm also raised its price target on Deckers to $169, a 19% upside from the stock's opening price Tuesday of $142.52. Shares were trading at $145 at midday.
"Recent checks indicate HOKA's momentum is accelerating faster than we previously anticipated. UGG is well positioned heading into FY20, as cleanup efforts overseas should be in the rearview by fall '19 and product allocation/segmentation strategies are continuing to evolve. Operational efficiencies and improved inventory discipline should continue to result in operating leverage," the note from Susquehanna said.
Year to date, shares of the outdoor apparel company have risen nearly 13%. But they took a sharp dip in May, bottoming out below $139 on Monday.