Analyst Bumps Up Skechers Price Forecast, Cites Strong Wholesale and European Growth Despite Earnings Miss
Portfolio Pulse from Nabaparna Bhattacharya
Wedbush analyst Tom Nikic reiterated an Outperform rating on Skechers U.S.A., Inc. (NYSE:SKX), raising the price forecast to $79 from $76. Despite missing earnings estimates, the company showed strong wholesale and European growth, leading to raised FY sales/EPS guidance. However, U.S. DTC and China slowed significantly.
July 26, 2024 | 6:35 pm
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Wedbush analyst Tom Nikic reiterated an Outperform rating on Skechers, raising the price forecast to $79 from $76. Despite missing earnings estimates, the company showed strong wholesale and European growth, leading to raised FY sales/EPS guidance. However, U.S. DTC and China slowed significantly.
The analyst's raised price target and positive outlook on wholesale and European growth are likely to boost investor confidence in the short term. However, the earnings miss and slowdown in U.S. DTC and China could temper some of the enthusiasm.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100