On Oct 25, major Wall Street analysts update their ratings for $Skechers USA (SKX.US)$, with price targets ranging from $76 to $84.
Morgan Stanley analyst Alexandra Straton maintains with a buy rating, and adjusts the target price from $81 to $84.
BofA Securities analyst Christopher Nardone maintains with a buy rating, and adjusts the target price from $81 to $80.
Barclays analyst Adrienne Yih maintains with a buy rating, and maintains the target price at $80.
Deutsche Bank analyst Krisztina Katai maintains with a buy rating, and adjusts the target price from $83 to $84.
TD Cowen analyst John Kernan maintains with a buy rating, and maintains the target price at $76.
Furthermore, according to the comprehensive report, the opinions of $Skechers USA (SKX.US)$'s main analysts recently are as follows:
The lowered forecast for Skechers' price reflects an adjustment due to management's update on the fiscal year sales outlook, which has been revised to express sustained brand vigor across various channels. Consequently, the earnings per share estimate for FY24 has been increased, taking into account the stronger-than-anticipated earnings reported in Q3, while the projection for FY25 earnings per share has been modestly reduced.
Skechers posted a 'beat and raise' third quarter, indicative of robust wholesale performance and positive developments in Europe, the Middle East, and Africa, partially balanced by a gross margin discrepancy due to challenges in China and promotional activities. These issues are viewed as temporary.
Skechers demonstrated commendable performance with a 16% increase in sales and the preservation of near-record gross margins in Q3. This is particularly notable given the shift back to wholesale channels, combined with less favorable conditions in China and other challenges.
Skechers' third-quarter report showcased accelerated growth in domestic wholesale and robust sales increase of 30% in Europe, the Middle East, and Africa. Nevertheless, the company faces near-term risks, including weakened performance in China, a gross margin shortfall, and elevated inventory levels that need to be managed carefully.
Here are the latest investment ratings and price targets for $Skechers USA (SKX.US)$ from 7 analysts:
Note:
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