Skechers USA Inc SKX shares are trading higher by $3.32 (13 percent) at $26.10 in Thursday's session. The catalyst for the rally is an upgrade from Buckingham to Buy.
The issue, which peaked in August 2015 at $54.53, bottomed in October at $18.81 and began gradually rallying back until today's surge.
After a much higher open, it retreated only $0.07 to $24.65, before continuing its move higher. It has continued to make new highs for the session, with the current one standing at $26.33. That marks the highest level for the issue since July 22, when it peaked at $27.39.
On that day, it fell from its previous close of $32.18 all the way to $24.99 following a worse than expected Q2 report.
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