Skechers Runs Full Speed Ahead After Upgrade, Earnings Results
Investing.com - Shares of shoe company Skechers took off on Friday after the company reported strong second-quarter results and was upgraded by analysts at Wedbush.
Skechers jumped 13% in midday trade after reporting earnings of $0.49 per share, while sales rose 11% to $1.26 billion.
“We experienced growth in every region, with the biggest dollar increases coming from India, the Middle East and China, as well as in Mexico with the conversion of the business to a joint venture,” Skechers Chief Operating Officer David Weinberg said in a statement.
Analysts at Wedbush upgraded the shoemaker to outperform and raised its price target to $46 from $31 due to the strong results, according to published reports.
Elsewhere, Nike (NYSE:NKE) inched up 0.1%, while Deckers Outdoor (NYSE:DECK) fell 0.4% and Crocs (NASDAQ:CROX) rose 1%.
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