After UBS and Buckingham gave Skechers USA (NYSE: SKX) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Jeff Van Sinderen reiterated a Buy rating on Skechers USA (NYSE: SKX) today and set a price target of $50. The company’s shares opened today at $31.08.
Van Sinderen wrote:
“Skechers (SKX) reports 2Q results AMC on 7/19. We anticipate that 2Q will reflect the impact from shipments that were pulled forward into 1Q (early Easter) and pushed out to 2H for both some key international distributors and domestic wholesale accounts (around timing BTS receipts). Barring incremental pull-forwards/push-outs, performance in 2Q should be roughly in line with guidance. Regardless of the short-term expectations for 2Q, guidance for 3Q, and any associated timing shifts, we reiterate our belief that solid underlying fundamentals remain intact for SKX and that nothing really has changed, regarding the long-term outlook for the company.”
According to TipRanks.com, Sinderen is a 1-star analyst with an average return of -1.3% and a 47.2% success rate. Sinderen covers the Services sector, focusing on stocks such as Tuesday Morning, Tilly’s Inc, and Kirkland’s.
Currently, the analyst consensus on Skechers USA is a Strong Buy with an average price target of $42.57, which is a 37.0% upside from current levels. In a report issued on July 12, Buckingham also reiterated a Buy rating on the stock with a $42 price target.
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Skechers USA’s market cap is currently $4.86B and has a P/E ratio of 24.09. The company has a Price to Book ratio of 2.50.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock.
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SKECHERS USA, Inc. engages in designing, development and marketing of lifestyle footwear that appeals to men, women and children of all ages. It operates through the following segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales.
