Barclays starts Skechers with Overweight on increasing visibility

Barclays analyst Adrienne Yih initiated coverage of Skechers with an Overweight rating and $71 price target. The analyst sees increasing visibility into improvement in the company’s U.S. wholesale channel with inventory replenishment. The firm likes Skechers’ “consistency and stability” in operating performance while it reinvests into the business to drive future profitable growth at an underlying low-teens operating margin.