Skechers price target lowered to $76 from $80 at BofA

BofA analyst Christopher Nardone lowered the firm’s price target on Skechers (SKX) to $76 from $80 and keeps a Buy rating on the shares. Despite a softer initial EPS outlook offered by the company, mainly driven by a higher tax rate and foreign exchange, the firm thinks the stock is “inexpensive” given its expectations for another year of double-digit constant currency sales growth, the analyst tells investors.