Deckers Outdoor downgraded to neutral after weak Q2 and lower revenue forecast despite HOKA's strong margins.

Deckers Outdoor was downgraded to neutral following a disappointing second quarter and a reduced full-year revenue outlook. Although HOKA continues to gain market share and maintains strong gross margins of around 60%, overall sales momentum is slowing. The company faces challenges from a more promotional retail environment and heavy reliance on wholesale, which threaten its full-price strategy. With shares down over 20% year-to-date, the stock shows limited potential for near-term gains amid a balanced outlook.

Deckers Outdoor shares trade at USD 81.09 on Pluang as of Oct 25, 2026 19:11 WIB, down 4.91% for the day and well below their 52-week high of USD 120.94. The company's market cap stands at $11.04 billion with a trading volume of 9,001,929 shares, reflecting significant investor activity despite the recent downgrade and cautious outlook. Typical hold time for DECK on Pluang is 72 days, indicating moderate investor engagement in this consumer cyclical stock.