Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Deckers Outdoor (Nasdaq: DECK) sank 10% today after Wall Street firm Sterne Agee downgraded the footwear specialist from buy to underperform.

So what: Along with the downgrade, Sterne Agee slashed their price target on the stock from $130 to $72, representing about 25% worth of downside to yesterday's close. Fools know to take analyst opinions with a grain of salt, but when a longtime bull on Deckers now believes that the UGG mania "appears to be gone," investors should at least take note.  

Now what: Citing the decelerating growth, Sterne Agee reduced their full-year sales outlook for 2012 from $1.6 billion to $1.56 billion. While UGG sales seem to be slowing domestically, however, the firm still sees plenty of global growth potential for the brand. With Deckers now trading at a forward P/E discount to the likes of Nike (NYSE: NKE) and Skechers (NYSE: SKX), long-term investors might want to consider taking advantage of today's pullback.

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