BofA lowered the firm’s price target on Skechers to $81 from $87 and keeps a Buy rating on the shares. At a recent conference, Skechers disclosed that its outlook on China has become more cautious relative to last quarter, but despite the challenging macro backdrop in China, the firm thinks the company’s Q3 and FY24 EPS guidance “remains achievable,” the analyst tells investors. However, the firm is lowering the multiple it applies to its FY25 EPS estimate to reflect a more cautious outlook.
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Read More on SKX:
- Skechers down 4% as company presents at Wells Fargo conference
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- Skechers says China near-term pressure worse than anticipated, excited long-term
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- Skechers price target raised to $79 from $76 at Wedbush
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