Can Skechers Stock Keep Going After Last Week's 37% Pop?
Last week's biggest gainer on the New York Stock Exchange was Skechers (NYSE: SKX), soaring 36.9% after posting better-than-expected financial results. At least three analysts followed Skechers' encouraging third-quarter results with bullish actions, and the stock went on to hit its highest level in nearly two years.
Skechers came through with a blowout report. Net sales rose just above 16% for the second quarter in a row, above the 11% to 14% it was looking for back in July. Earnings soared 42%, breaking a streak of five consecutive quarters of declining profitability. Skechers benefited from a much lower effective tax rate, but bottom-line growth would've still been positive without that welcome profit-padding tailwind.
Image source: Skechers.
Source: Fool.com
Skechers U.s.a. Inc. Stock
The stock is an absolute favorite of our community with 27 Buy predictions and no Sell predictions.
With a target price of 67 € there is a slightly positive potential of 12.38% for Skechers U.s.a. Inc. compared to the current price of 59.62 €.
