Citing increased sales momentum, Susquehanna Research upgraded Skechers stock outlook from Neutral to Positive on Wednesday, causing shares to rise more than 3 percent by mid-afternoon trading.
Sam Poser, Susquehanna’s footwear and apparel analyst, raised his target price on the stock from $32 to $37, pointing to positive results from Skechers’ wholesale partners as well as favorable findings during a series of retail check-ins. Poser noted that “men’s and women’s fashion athletic styles and men’s non-athletic styles sell through rates are accelerating, even as the suggested retail price of targeted styles are being raised.”
“Skechers’ aggression to expand its business remains,” he added, “but management appears more willing to forego some sales for increased profitability. ”
The brand’s shares have traded as low as $21.45 over the past 12 months, and as high as $43.08.