** Shares of Hoka parent Deckers Outdoor DECK.N rise nearly 1% to $94.49 premarket

** Piper Sandler upgrades stock rating to "neutral" from "underweight"

** Raises PT to $100 from $95, representing a 6.8% upside to the stock's last close

** Brokerage views overweight rating as unwarranted, given its more cautious outlook on the sneaker category; says, performance running remains strong, lifestyle running is moderating amid heightened competition

** HOKA, Deckers' high-growth performance running brand, still lacks diversification beyond its signature max-cushioned silhouettes, adds Piper

** Average rating of 27 analysts is "buy"; with a median PT of $129 - data compiled by LSEG

** Up to last close, stock had fallen nearly 10% YTD