Skechers USA (SKX) Price Target Lifted to $90 on Strong Q1 and Backlog

Sterne Agee CRT analyst Sam Poser raised estimates and his price target on Buy-rated Skechers USA (NYSE: SKX) to $90.00 (from $83.00) following robust Q1 results. The stock remains their #1 pick.

Poser commented, "Skechers remains our #1 pick. Revenue growth is robust. Order backlog is ~50% on a reported basis and up over 60% on an FX-neutral basis. Revenue was up double digits in most markets and up triple digits in China. Canadian sales were down due to currency. Management blessed the consensus 2Q15 EPS estimate of $0.95 and said that consensus 3Q15 estimates were too low. We are raising our FY15 & FY16 EPS estimates from $3.90 & $5.16 to $4.33 & $5.55. We would not be surprised if 2Q15 guidance is exceeded. The company continues to control its expenses and inventory levels."

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 $75.84 yesterday.

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