Skechers price target lowered to $45 from $50 at Piper Sandler

Piper Sandler lowered the firm’s price target on Skechers (SKX) to $45 from $50 and keeps a Neutral rating on the shares. The firm notes the company had a generally okay Q1, and the stock is under pressure after hours as management took annual guidance off the table without quantifying tariff impact or providing a Q2 guide. With inventories up 30% ending Q1 as Skechers was able to bring some product in earlier, the company should begin to see the impact of tariffs at the end of Q2 and into Q3–as others in the space, working with partners, moving country of origin and taking prices up are the mitigating factors; Skechers is puling back on some of the discretionary spend but overall the company is still in investment mode, Piper adds.