Wedbush Upgrades Skechers USA (SKX) to Neutral; Bumping Numbers, But Valuation Keeps Us Sidelined
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Price: $22.80 +0.48%
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
4 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade SKX Now!
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, with a 52 week range of $11.21-$21.50.
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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, with a 52 week range of $11.21-$21.50.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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