Evercore ISI initiated coverage of Skechers with an Outperform rating and $73 price target. The analyst says Skechers offers a steady growth profile that has a larger total addressable market due a broader product offering, favorable competitive dynamics given lower pricing versus peers that benefits in a consumer trade down environment, brand momentum picking up and the early innings of traction with younger demos. The firm forecasts the company will deliver 11% annual sales growth through 2026.
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