Skechers USA Shares Up 4.3% on Analyst Upgrade (SKX)
Skechers USA (NYSE:SKX)’s share price shot up 4.3% on Thursday after TheStreet upgraded the stock from a hold rating to a buy rating, Stock Ratings Network.com reports. The stock traded as high as $40.18 and last traded at $40.18, with a volume of 787,627 shares changing hands. The stock had previously closed at $38.53.
The analysts wrote, “Skechers USA (SKX) has been upgraded by TheStreet Ratings from hold to buy. The company’s strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.”
A number of other analysts have also recently weighed in on SKX. Analysts at Sterne Agee raised their price target on shares of Skechers USA from $43.00 to $50.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Susquehanna raised their price target on shares of Skechers USA from $40.00 to $48.00 in a research note on Wednesday. They now have a “positive” rating on the stock. Finally, analysts at B. Riley raised their price target on shares of Skechers USA to $49.00 in a research note on Wednesday. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $39.00.
The stock has a 50-day moving average of $35.34 and a 200-day moving average of $32.35. The company has a market cap of $2.012 billion and a price-to-earnings ratio of 35.68.
Skechers USA (NYSE:SKX) last released its earnings data on Tuesday, April 22nd. The company reported $0.61 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.95 by $0.34. The company had revenue of $546.50 million for the quarter, compared to the consensus estimate of $508.82 million. During the same quarter in the prior year, the company posted $0.93 earnings per share. The company’s quarterly revenue was up 21.0% on a year-over-year basis. On average, analysts predict that Skechers USA will post $1.81 earnings per share for the current fiscal year.
Skechers U.SA, Inc (NYSE:SKX) designs and markets Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under several lines.
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