UPDATE: Sterne Agee Upgrades Skechers USA to Buy on Changing Tides

Sterne Agee raises its rating on Skechers USA SKX from Neutral to Buy and establishes a price target of $25. Sterne Agee notes, "We have become more constructive on SKX following meetings at the NY Shoe Show. Based conversations with SKX management and other industry contacts, it is apparent to us that wholesale orders for 2H12 will begin to improve. Many of the larger family footwear retailers and moderate department stores are planning the fall SKX business up according to both SKX and management of some of the aforementioned wholesale accounts. History tells us to be wary of some of the words of SKX management, but our other checks have quelled most of our concerns." SKX closed at $19.29 on Friday.