Skechers (SKX) Buy Reiterated at Sterne Agee CRT Following CEO Meeting

Sterne Agee CRT reiterated a Buy rating and $54.00 price target on Skechers USA (NYSE: SKX) following an investor meeting. CEO Robert Greenberg presented the vision behind SKX to our group. Greenberg's insights and passion for the business appeared to leave investors pleased to see the emotional element behind the Skechers brand/company.

Skechers's own stores comped up double digits last week, and November sales were strong. Based on checks, sales at select large department stores were up over 20% and sales at select large ecommerce sites were up over 70%, last week. 2016 international sales are expected to increase 25%-40%, and domestic sales should be up DD.

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 $31.63 yesterday.

You May Also Be Interested In

• Prabhudas Lilladher Starts Aditya Birla Sun Life AMC (ABSLAMC:IN) at Buy (1)
• Envista Holdings Corp. (NVST) PT Lowered to $26 at BMO Capital Following China VBP Commentary
• Akamai Technologies (AKAM) PT Lowered to $150 at DA Davidson