UPDATE: Sterne Agee Lowers PT to $10 on Sketchers USA
A report from Sterne Agee reiterates its Underperform rating and lowers its price target from $13 to $10 on Sketchers USA (NYSE: SKX).
The report states, “We are lowering our 2012 EPS estimate from $0.60 to $0.58. A settlement with, or a finding by, the FTC is not reflected in our new estimates. We do not believe that a year-over-year sales increase is likely until 3Q12 at the earliest. We expect SKX to cede market share in its core business for some time to come.”
SKX closed Friday at $13.90.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.