Skechers downgraded to Neutral from Buy at UBS

UBS downgraded Skechers (SKX) to Neutral from Buy with a price target of $63, down from $64. Skechers has entered into a definitive agreement to be acquired by 3G Capital, under which will pay $63.00 per share in cash for all of Skechers’ outstanding shares, the analyst tells investors in a research note. Until the deal closes, UBS believes Skechers shares will trade on deal dynamics, rather than fundamentals.