Skechers USA (NYSE:SKX) received an upgrade from Piper Sandler analysts, who shifted the stock rating from Neutral to Overweight and raised the price target to $59 per share.
The analysts are more positive about Skechers’ international business and believe it has the potential for medium-term earnings growth in the mid-teens.
Despite challenges in the U.S. wholesale market, strong direct-to-consumer trends indicate robust demand, which is expected to drive restocking. Additionally, Skechers is set to improve its gross margins, making it an appealing investment choice.