Evercore analyst Jesalyn Wong maintains $Skechers USA (SKX.US)$ with a buy rating, and maintains the target price at $72.
According to TipRanks data, the analyst has a success rate of 29.4% and a total average return of -19.7% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Skechers USA (SKX.US)$'s main analysts recently are as follows:
Skechers' management has improved its FY24 sales forecast, indicating sustained brand strength across various channels. This adjustment has led to an increase in the projected FY24 EPS, reflecting the company's Q3 earnings surpassing expectations, while a modest reduction has been made to the FY25 EPS projection.
Skechers' third-quarter performance, characterized by a 'beat and raise,' was fueled by robust wholesale figures and positive developments in Europe, the Middle East, and Africa. This was somewhat counterbalanced by a gross margin shortfall, which can be attributed to challenges in the Chinese market and increased promotions. These setbacks are seen as temporary circumstances.
Skechers' capacity to enhance sales by 16% and sustain a gross margin close to record levels in Q3 was notable, particularly in light of the shift back to wholesale channels, challenges in the China market, and broader headwinds.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
