Wedbush Starts Skechers USA (SKX) at Neutral
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Wedbush initiates coverage on Skechers USA (NYSE: SKX) with a Neutral rating and a price target of $23.00.
Analyst Christopher Svezia commented, "We are initiating coverage of Skechers (SKX) with a NEUTRAL rating and $23 PT or 13x P/E. We need to see acceleration in SKX revenue growth in the US that would generate operating leverage and, ultimately, multiple expansion in order to see upside in the stock. Despite continued sales gains abroad, a four-year growth run in the US has stalled, making earnings growth more difficult. If history is a guide, investors are rewarded in the early stages of a growth cycle before investments build. SKX is between cycles and thus we view it as NEUTRAL rated."
Shares of Skechers USA closed at $20.72 yesterday.
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