Sterne Agee CRT Reiterates Buy on Skechers USA (SKX) Following Insights From CEO

Sterne Agee CRT reiterated a Buy rating and $54.00 price target on Skechers USA (NYSE: SKX) after meeting with management at an investor meeting. The stock responded well following the meeting due to Mr. Greenberg's insights and passion for the business. Investors appeared pleased to see the emotional element behind the Skechers brand/company. He convincingly presented Skechers as the leading global family footwear brand. He also reasonably discussed growth opportunities for SKX, and the cash needed to support infrastructure growth, such as Chinese DC, which is likely to come sooner than later.

Analyst Sam Poser commented, "We hosted an investor meeting with SKX CEO Robert Greenberg & COO David Weinberg. The stock responded well following the meeting due to Mr. Greenberg's insights and passion for the business. Investors appeared pleased to see the emotional element behind the Skechers brand/company. We believe that further interaction with the street by Mr. Greenberg will be good for the stock. Thanksgiving week sales were strong. Skechers's own stores comped up DD. The backlog remains strong, and there have been no abnormal order cancellations. November sales were better than expected, and December is promising. 2016 international sales are expected to increase 25%-40%, and domestic sales should be up DD. China offers material growth opportunities."

For an analyst ratings summary and ratings history on Skechers USA click here. For more ratings news on Skechers USA click here.

Shares of Skechers USA closed at $28.02 yesterday.

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