Famed investor Jim Cramer is all praise for Deckers Outdoor Corp (NYSE: DECK) that surpassed $1,000 per share for the first time after posting its quarterly earnings report on Friday.
Cramer says HOKA is an incredible brand
Cramer agrees that HOKA is not comparable to Nike in terms of sales but said the footwear giant should still be “scared” of it.
That’s because HOKA has incredible momentum and “the shoe business has historically been a momentum business”.
The Mad Money host expressed confidence in the leadership of David Powers on CNBC’s “Squawk on the Street” today and said “no one can touch” Deckers Outdoor right now.
You can read the full earnings release of the footwear designer and distributor on this link.
Watch here: https://www.youtube.com/embed/Cfj63zgGC80?feature=oembed
Why else is he bullish on Deckers Outdoor?
Jim Cramer took a positive tone on Deckers Outdoor today also because of the strength of its UGG brand.
The $26 billion company based out of Goleta, California improved its gross margin by a whopping 620 basis points on a year-over-year basis in its fiscal fourth quarter which in particular was “amazing”, he added.
Also on Friday, Wedbush analyst Tom Nikic said “we remain very bullish on Deck shares … one of the fundamentally strongest names in our coverage”. His “outperform” rating on $DECK is coupled with a price target of $1,030 at writing.
Note that the NYSE listed firm currently has a little under $1.0 billion remaining under its share repurchase authorisation.
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