Skechers USA Inc Shares Volatile Following Buckingham Comments

Shares of Skechers USA Inc SKX are down sharply in Wednesday’s session following Buckingham comments on sales data.

Buckingham declared, “citing data from SportScan; Skechers sales dropped 3 percent in the week ended September 20, Casual athletic sales dropped 5% while walking sales growth slowed to 5%.”

Subsequent to the comments, shares of Skechers fell to a low of $51 and have rebounded to $52.75, down 9.2 percent.

Amid the comments, analysts at Sterne Agee defended Skechers USA citing the "pullback in shares of Skechers is a buying opportunity and retailers likely ran out of inventory after the strong start of back to school shopping."

Sterne Agee has a Buy rating and $70 price target on Skechers USA Inc.