FMP
Skechers Stock Upgraded to Overweight at Piper Sandler
Sep 18, 2023 3:59 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Skechers USA (NYSE:SKX) received an upgrade from Piper Sandler analysts, who shifted the stock rating from Neutral to Overweight and raised the price target to $59 per share.
The analysts are more positive about Skechers' international business and believe it has the potential for medium-term earnings growth in the mid-teens.
Despite challenges in the U.S. wholesale market, strong direct-to-consumer trends indicate robust demand, which is expected to drive restocking. Additionally, Skechers is set to improve its gross margins, making it an appealing investment choice.
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