Billionaire David Harding’s 10 Stock Picks with Huge Upside Potential

2. Deckers Outdoor Corporation (NYSE:DECK)

Winton Group’s stake: $19,583,156

Upside Potential: 62.6%

Number of Hedge Fund Holders: 66

Deckers Outdoor Corporation (NYSE:DECK) is a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories under six proprietary brands: UGG, HOKA, Teva, Sanuk, Koolaburra, and AHNU. Its products serve both casual lifestyle and high-performance markets and are sold through domestic and international retailers, distributors, and direct-to-consumer channels. Each brand emphasizes a unique blend of fashion, functionality, comfort, and quality. UGG and HOKA are standout global performers, while Teva and Sanuk cater to outdoor and lifestyle audiences.

Raymond James upgraded Deckers Outdoor Corporation (NYSE:DECK) to Strong Buy from Outperform on April 10, citing an attractive entry point after a 48% stock decline since January. The firm expects a Q4 earnings beat and steady FY26 guidance, setting a $150 price target—over 40% upside. While acknowledging slower growth in HOKA and UGG, the firm sees both brands with long-term potential. The firm envisions HOKA growing into a brand generating several billion dollars in revenue, while UGG is expected to expand its global presence and attract consumers throughout all seasons.

The firm highlighted tariff risks, predicting a 28% cost increase for Deckers, but believes its premium positioning will help it manage macro challenges. It expects Q4 EPS of $0.59, 2 cents above estimates, and views recent margin pressure as temporary. According to Raymond James, Deckers’ valuation of 13x its FY27 EPS estimate remains below historical averages, supporting the target price.