Cowen analyst John Kernan upgraded Skechers (SKX) to Outperform from Market Perform with a price target of $65, up from $48. The firm’s checks find that Skechers’ value proposition "continues to resonate" and its survey work show the company is gaining preference for casual/lifestyle footwear from Nike (NKE) and Adidas (ADDYY). The firm, which views consensus sales and EPS estimates as "too conservative," thinks Skechers’ sales momentum and margin recovery could drive 40%-plus earnings growth in FY23 and 20%-plus growth in FY24.
Published first on TheFly
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Read More on SKX:
- Skechers price target raised to $54 from $43 at Deutsche Bank
- Skechers upgraded to Outperform from Market Perform at Cowen
- Skechers price target raised to $63 from $53 at UBS
- Skechers downgraded to Equal Weight from Overweight at Morgan Stanley
- Argus upgrades Skechers to Buy, sees the stock as undervalued
