** Shares of Hoka parent Deckers Outdoor DECK.N down 4.1% at $103.01 premarket

** Piper Sandler downgrades stock to "underweight" from "neutral"; cuts PT to $85 from $100, representing nearly 21% downside from stock's last close

** With Deckers leaning more into discounts for both HOKA and UGG, Piper flags concerns that promotions may be "unhealthy" customer acquisition tool amid cooling athletic cycle

** "At almost 22% this year, DECK's profitability is well above athletic peers and could further reset as company continues to invest, especially in HOKA's brand awareness as it grows internationally," Piper says

** 14 of 27 brokerages rate stock "buy" or higher, 11 "hold" and 2 "sell" or lower; their median PT is $105.37 - data compiled by LSEG

** DECK shares down about 49% in 2025

(Reporting by Kanchana Chakravarty in Bengaluru)

((Kanchana.Chakravarty@thomsonreuters.com;))