Deckers Outdoor (DECK) walked into its earnings night with everything a footwear company could want.

Record fiscal 2026 revenue, record EPS, a blockbuster $3.5 billion buyback authorization, and a fiscal 2027 outlook that came in above Wall Street‘s consensus.

Then, Bank of America trimmed its price target the next morning anyway, MarketScreener reports.

The new figure of $115, down from $120, with a Neutral rating maintained, sits roughly $11 below the Wall Street consensus of $126.62, per Stock Analysis. It’s not a panic call.

But it’s a quiet signal that the company many investors view as a “growth-at-any-price” story may be running into a more complicated chapter.

And the actual numbers, when you pull them apart,…