Skechers up 4% on Analyst Upgrade
Skechers USA (NYSE: SKX) is trading higher on the session after Sterne Agee upgraded the company from Underperform to Neutral. Additionally, Artisan Partners disclosed an 8.1% stake in the company.
Sterne Agee noted, "We are raising our FY12 EPS and revenue estimate from $0.58/$1.619B to $0.71/$1.655B (-1.2%), and are introducing our FY13 EPS and revenue estimates of $0.94 and $1.752B (+5.9%). While new product is currently in small test mode, retailers are optimistic."
Skechers is currently trading at $13.60, a gain of 0.52 or 3.98%.
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