Skechers initiated with a Neutral at BofA

BofA initiated coverage of Skechers with a Neutral rating and $67 price target. The firm think a low-double digit sales compound annual growth rate is “sustainable” and sees a path for the company’s 11%-13% operating margin target to be reached over the medium term. However, the firm thinks the current valuation fairly balances the long-term sales and margin potential with the near-term wholesale challenges, the analyst tells investors.