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Opinion on Skechers U.S.A. Inc. (SKX) Sector: Consumer Cyclical > Industry: Footwear
an attractive...six-month target price of $26.

Mar 17, 2008 09:56 AM UTC

Armin Stuk

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-44.02%	LOW

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We are initiating coverage of Skechers with a Buy rating and a six-month target price of $26, which is 13x 2008 EPS estimate. We are bullish on the company s diverse portfolio of brands, international growth opportunities, and retail store expansion all of which bode well for the company s long-term earnings growth. What s more, SKX shares are trading at 10.5x our 2008 EPS estimate and 8.7x our 2009 EPS estimate. We think this is an attractive valuation relative to our estimate of Skechers longterm earnings growth rate. It is even more attractive when you consider that the company has $6.17 per share in net cash on its balance sheet.

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SKX: This call was made on 03/17/08 @ $19.6

Rating:	$19.6 (03/17/08)
Gain/Loss:	-51.53% in 250 days
Target:	$26.00 (+32.65%) in Six months
Allocation:	0.7% of portfolio

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Skechers U.S.A. Inc. (SKX)

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Opinion on Skechers U.S.A. Inc. (SKX) Sector: Consumer Cyclical > Industry: Footwear an attractive...six-month target price of $26.

Opinion on Skechers U.S.A. Inc. (SKX) Sector: Consumer Cyclical > Industry: Footwear
an attractive...six-month target price of $26.