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.

Interested in more info on Deckers? Add it to your watchlist.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.