Wedbush Upgrades Skechers USA (SKX) to Neutral; Bumping Numbers, But Valuation Keeps Us Sidelined

July 26, 2012 9:36 AM EDT
Get Alerts SKX Hot Sheet
Price: $24.97 +1.71%

Rating Summary:
    11 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade SKX Now!
Join SI Premium – FREE
Wedbush upgraded Skechers USA (NYSE: SKX) from Underperform to Neutral with a price target of $18.00 (from $14.00).

Analyst, Corinna Freedman, said, "We are upgrading shares of SKX, adjust our target to $18 and acknowledge that our previous near-term thesis did not play out as we had anticipated. Weaker wholesale response to the heavily promoted and discounted GoRun product (recall the failed 50-store FINL test) was offset by a better-than-expected performance of heritage product domestically and a modest improvement in Kids. SKX will lap much easier comparisons in the 2H for the domestic wholesale business relative to 1H and we now anticipate a return to positive growth for this segment."

Raising FY12 EPS estimate from (0.01) to $0.19 and FY13 from $0.50 to $0.72.

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 $18.27 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst EPS Change, Analyst EPS View, Analyst PT Change, Upgrades

Add Your Comment