Fall is here, and as the seasons predictably change, so does the fashion cycle. Preppy styles from Ralph Lauren and cozy Ugg boots are back again, and the stocks should benefit.

Ralph Lauren was a standout during the recently completed retail earnings season, with fiscal-first-quarter results coming in above expectations in nearly every metric. But widespread investor concerns about retail and discretionary purchasing power in general have weighed on the stock, though it has held up better than many of its peers.

However, Ralph Lauren's well-heeled shoppers tend to be less bothered by higher gas prices and other inflationary pressures than most, and its merchandising is still on point. Jefferies analyst Blake Anderson gives Ralph Lauren high marks for its fashion execution in a new note Tuesday, and names it his top pick in the industry.

The company is seeing broad-based strength, especially in growing markets like Asia, he writes. Its effort to elevate its products is working, meaning it deserves a multiple above where it stands today, which is near historical averages.

A visit to a Polo store in New York over the weekend "reinforced the brand's best-in-class merchandising and elevated head-to-toe assortment," Anderson writes. That goes for both apparel and home goods, "positioning [it] as a diversified lifestyle brand."

He isn't alone: All but two of the 21 analysts tracked by FactSet are bullish on Ralph Lauren, with an average target price of $459, implying some 30% upside.

When it comes to Deckers Outdoor, owner of Ugg and Hoka, though, Wall Street is more divided. Just over half of analysts covering the stock rate it at Buy or the equivalent.

Anderson is one of the bulls-but admits that the stock is hotly debated. One of the bears' arguments is that Hoka sales trends are slowing amid increasing discounting and shifting footwear fashion

Another concern is that forecasts for a warmer and wetter winter in many parts of the country could be a headwind for Ugg. Nonetheless, Anderson is "encouraged by the brand's proven ability to drive newness and stepped up marketing efforts."

His recent store visit showed Ugg is still attracting plenty of traffic, helped by in-store personalization services.

"Second-quarter industry commentary pointed to healthy Ugg demand" while he also thinks that Hoka will see its growth reaccelerate double-digits in the second half of its fiscal year, aided by new product introductions.

UBS analyst Jay Sole made a similar point in a recent note, writing that the recent weakness in the shares was a buying opportunity. He expects Deckers "to positively surprise the market over the next 12 months due to its Hoka and Ugg brands growing revenue better than expected."

His price target of $161 implies the stock can more than double, but even the average analyst price target of $120 reflects more than 50% upside.

That said, both Ralph Lauren and Deckers also have to overcome general investor skepticism about the consumer. Although retail sales remain strong, the war in Iran keeps pushing energy prices-and inflation-higher, stoking fears about the cost-of-living crisis. Both the State Street SPDR S&P Retail exchange-traded fund and the State Street Consumer Discretionary Select Sector SPDR ETF are in the red so far this year, compared with a nearly 12% gain for the S&P 500.