Skechers price target raised to $75 from $62 at Wedbush

Wedbush analyst Tom Nikic raised the firm’s price target on Skechers to $75 from $62 and keeps an Outperform rating on the shares. The firm notes Skechers was one of the best stocks in its coverage in 2023 and Wedbush believes it’s poised for another strong year in 2024. The firm thinks the brand continues to exhibit solid momentum, there’s a restocking opportunity in the wholesale channel, margins can keep moving higher, and FX trends have turned more favorable. Despite some industry headwinds last year, Skechers was a consistent beat-and-raise story in 2023, and Wedbush believes numbers can continue moving higher over the near-term.