Argus upgrades Skechers to Buy, sees the stock as undervalued

Argus analyst John Staszak upgraded Skechers to Buy from Hold with a $50 price target. The company is benefiting from solid consumer spending amid higher wages and favorable direct-to-consumer trends, the analyst tells investors in a research note, also anticipating improvements at Skechers’ websites and retail stores to boost its earnings. Staszak adds that Skechers looks "undervalued" at 14.4-times expected 2023 earnings vs. the five-year average multiple of 16.4-times.