Deckers Outdoor recently faced multiple analyst downgrades. Baird lowered its rating on the company to Neutral, citing concerns over moderating growth for the key HOKA brand.
Needham & Company also removed Deckers from its 'Conviction List.' Analysts pointed to slowing growth across both the HOKA and UGG brands, alongside the potential for increased discounting across sales channels.
This cautious analyst tone contrasts sharply with the company’s strong second-quarter fiscal 2026 results, which were reported in late October 2025.
Despite the downgrades, some firms maintain a positive outlook. UBS reiterated a Buy rating, expressing confidence in HOKA’s long-term growth potential. The developing narrative now questions whether the brand’s momentum and pricing power are being overestimated following its significant run-up.