Deckers Outdoor's (DECK) stock represents an "attractive buying opportunity" on a big pullback, UBS said in a Friday note.

UBS analysts said they disagree with the market's assessment of the Hoka brand's weak fiscal Q4 direct-to-consumer growth indicating that the brand's period of high growth is over. Instead, the analysts said they believe Hoka will grow at an 11% rate in fiscal 2026 with major upside if tariffs don't lead to a US recession,

Hoka's transition to new styles did not go as smoothly as expected due to the old-style products being available at a discount in the company's wholesale channel, the analysts said. However, sales growth should improve as the old-style products get cleared by July, more colors of the new styles become available, and new products launch, they said.

The acceleration of Hoka sales growth should lead to the company's earnings "positively surprising" in the coming quarters, the analysts said.

UBS maintained the company's stock rating at buy and raised the price target to $169 from $158.

Price: 99.42, Change: -26.67, Percent Change: -21.15