BofA cuts Skechers PT on tariff, China uncertainty
ReutersMar 24, 2025 1:11 PM
BofA Global Research cuts PT on shoemaker Skechers USA SKX.N to $70 from $76, cites tariffs and China uncertainty
"The bigger incremental risk is whether Vietnam will be subject to tariffs; this would be a headwind for the entire footwear industry, not just Skechers and we expect pricing actions would need to be taken immediately if enacted" -brokerage
SKX shares closed at $56.08 on Friday; median PT is $80 - data compiled by LSEG
Lowers its 2025 gross margin forecast for SKX to down 40 bps from flat
Adds China's macro challenges are still prevalent and weighing on the consumer
Fourteen of 18 brokerages rate stock "buy" or higher, and 4 "hold" - LSEG data
SKX shares down ~17% YTD; they rose nearly 8% in 2024
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