TD Cowen downgrades Skechers to 'hold' after 3G Capital deal

TD Cowen downgrades footwear firm Skechers SKX.N to "hold" from "buy", maintains PT at $63

Brokerage says chance of another buyer making an offer for Skechers is now closed

Co announced plans on May 5 to sell to 3G Capital in a so-called take-private deal for about $9.4 billion

Co shares marginally down at $62.03 in premarket trading

"3G's playbook of boosting margins through cost-cutting and efficiencies certainly creates the likelihood that we will see Skechers come public again in the distant future"- TD Cowen

Additionally, brokerage thinks "near-term sector sentiment is at risk if Vietnam and other Southeast Asian countries see tariffs higher than 10% on softlines categories"

Average rating of 17 analysts is "hold"; median PT is $63 — data compiled by LSEG

As of last close, SKX down ~7.7% YTD