Stifel analyst Jim Duffy upgraded Deckers Outdoor Corporation (DECK) from "Hold" to "Buy" while maintaining a price target of $117. The upgrade is based on confidence in the continued growth of the HOKA brand and favorable demand for UGG. The analyst's note to clients highlighted Deckers' portfolio of strong brands, advantaged margin structure, and a capital-efficient model as key strengths. Stifel sees a credible growth runway, particularly for HOKA, through new wholesale accounts and further market penetration. Following the upgrade on November 18, Deckers' shares reportedly saw an increase in trading. Stifel's positive outlook is also supported by the company's debt-free balance sheet, which allows for significant share repurchases.