Skechers Stock Set For Growth As Footwear Trends Remain Solid: BofA Analyst
Portfolio Pulse from Shivani Kumaresan
BofA analyst Christopher Nardone upgraded Skechers USA Inc (NYSE:SKX) from Neutral to Buy, raising the price target from $71 to $87 due to improving wholesale environment and solid footwear trends. The analyst also raised EPS estimates for 2Q24/F24 and highlighted significant international opportunities. Positive data points from other footwear brands like Crocs Inc (NASDAQ:CROX), Birkenstock Holding PLC (NYSE:BIRK), Deckers Outdoor Corp (NYSE:DECK), and On Holdings AG (NYSE:ONON) support the momentum in the category.
June 07, 2024 | 5:16 pm
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POSITIVE IMPACT
Birkenstock's first-quarter results provide positive data points, supporting the momentum in the footwear category.
Birkenstock's positive Q1 results contribute to the overall confidence in the footwear sector, which is beneficial for the stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Positive data points from Crocs' first-quarter results support the momentum in the footwear category, boosting confidence in the sector.
Crocs' positive Q1 results contribute to the overall confidence in the footwear sector, which is beneficial for the stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Deckers Outdoor Corp's first-quarter results provide positive data points, supporting the momentum in the footwear category.
Deckers Outdoor Corp's positive Q1 results contribute to the overall confidence in the footwear sector, which is beneficial for the stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
On Holdings AG's first-quarter results provide positive data points, supporting the momentum in the footwear category.
On Holdings AG's positive Q1 results contribute to the overall confidence in the footwear sector, which is beneficial for the stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
BofA upgraded Skechers to Buy with a raised price target of $87, citing solid footwear trends and an improving wholesale environment. EPS estimates for 2Q24/F24 were also increased.
The upgrade from Neutral to Buy and the raised price target indicate strong confidence in Skechers' future performance. The improved wholesale environment and solid footwear trends are positive indicators for the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100