Skechers price target lowered to $70 from $76 at BofA

BofA analyst Christopher Nardone lowered the firm’s price target on Skechers (SKX) to $70 from $76 and keeps a Buy rating on the shares. The firm is maintaining its Q1 EPS forecast of $1.14, but lowering its FY25 EPS view by 8c to $4.35, citing a more cautious outlook on international sales due to caution in China and gross margins due to tariffs. The firm’s lower target also reflects a lower multiple due to global macro uncertainty and tariff risks, the analyst tells investors. The firm thinks the market is “undervaluing the company’s growth profile in a challenging backdrop,” the analyst added.