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Skechers Stock Set For Growth As Footwear Trends Remain Solid: BofA Analyst

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BofA analyst Christopher Nardone upgraded the shares of Skechers USA Inc (NYSE:SKX) from Neutral to Buy and raised the price target from $71 to $87.

The analyst said the upgrade is on the basis that the wholesale environment is improving, broader footwear trends remain solid, and implied 2H sales guidance could prove conservative.

According to the analyst, SKX offers compelling value at 14.6x F25E P/E given the expectation for a 11% 3 year sales growth CAGR.

Also, the analyst raised 2Q24/F24 EPS estimates by 8%/2% to $1.00/$4.15 to reflect stronger revenues.

The management’s confidence in the trajectory of the U.S. wholesale business has improved …

Full story available on Benzinga.com

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