Skechers upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Skechers to Overweight from Neutral with a price target of $59, up from $54. The analyst is more optimistic on Skechers’ international business and gross margin structure. The firm believes the company can drive mid teens earnings growth in the medium term driven by product innovation, international, and gross margin expansion. Despite a challenging U.S. wholesale environment, Skechers’ direct-to-consumer trends indicate strong underlying demand which should lead to restocking as the channel clears, says Piper.