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In addition, the fact that the company lowered its prices on Uggs is not a sign of brand weakness, Konik said.
"Ugg is an aspirational luxury brand and the classic boot price over $200 became too high; adjusted prices should reignite demand," he predicted.
SHARE ACTION: Shares rose $1.16, or 3.98 percent, to $31.45 in midday trading. But the stock had been down 60 percent since the beginning of the year. Konik has a $50 price target on the shares.
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