In a note released Monday morning, Wunderlich analyst, Danielle McCoy commented on her outlook for Skechers USA Inc.'s SKX third quarter.
McCoy began by reiterating a Buy rating and $70 price target while maintaining both fiscal 2015 and '16 estimates. She commented, "We believe Skechers was one of the key winners this back-to-school season driven by high demand, innovative products and powerful marketing campaigns."
McCoy added the recent ~19 percent sell-off was unwarranted, in her view, and provides an "appealing" entry point.
To support the notion that Skechers was a back-to-school winner, McCoy highlighted the far above average (4-8x) performance of the S-Sport, a Target TGT exclusive.
Looking to the quarter's revenues and EPS, McCoy is predicting $635 million and $0.92, respectively.
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