Athletic footwear maker Skechers (SKX) enjoyed a big jump to the upside following its third-quarter report on October 19. The company posted earnings of $0.59, which easily outpaced the $0.43 estimate, and sales of $1.09 billion, which came in above the $1.07 billion analyst forecast. The big beat drove the stock to a new 52-week high, and it remains just shy of that high. The company has strong momentum at this point, and in the most recent quarter comparable same store sales were up 4.4 percent versus the same period last year. Following the beat, the stock received multiple price target increases, and the average price target is now $33.78, versus the current stock price of $32.30. The stock’s valuation remains OK, with a P/E of 22.4, and analysts expect the company to grow earnings by 22.8% in 2018. As long as the company is able to keep pace with analyst estimates moving forward, there is still plenty of upside left in the stock.
SKX gets a score of 81 on InvestorsObserver’s Stock Score Report. See full report here.
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