UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Skechers USA on Increased EPS Estimates

In a report published Thursday, Wunderlich Securities analyst Danielle McCoy reiterated a Buy rating on

, and raised the price target from $70.00 to $102.00. In the report, Wunderlich Securities noted, "We are reiterating our Buy rating and raising our price target to $102 (from $70), and are materially increasing our 2015 and 2016 EPS estimates to $4.33 (from $3.48) and $5.45 (from $4.26), respectively. Skechers (SKX)ended the year on a solid note, registering 4Q EPS of $0.43, a penny above the Street, but what was most impressive was management's 1Q outlook significantly exceeding Street (and our) expectations. Backlogs up +60% suggest the power of the Skechers brand continues to multiply as new product innovation supported by one of the best marketing strategies drives greater demand across the globe. As international penetration deepens, AURs rise and expenses are leveraged in 2H, we expect momentum to continue throughout 2015 and beyond." Skechers USA closed on Wednesday at $62.04.