Skechers price target lowered to $73 from $80 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Skechers (SKX) to $73 from $80 and keeps an Overweight rating on the shares. Management’s fiscal year guidance withdrawal “makes sense to us” and ” feels warranted” considering Skechers’ high China sourcing and revenue exposure, the analyst tells investors. The firm thinks the stock’s post-Liberation Day underperformance, coupled with last night’s 7% move lower, is “overdone” considering what it views as the company’s relatively favorable tariff, recession and sportswear market positioning, the analyst added.