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- Argus lowers its rating on Skechers U.S.A. (SKX -2.5%) to a Hold rating after having it set with a Buy rating. The firm points to supply chain issues.
- Analyst John Staszak: "Skechers continues to see strong demand for its products; however, based on management's conference call comments, we expect the company to face manufacturing bottlenecks and shipping delays that will weigh on revenue over the next several quarters."
- Argus says it will consider returning SKX to its Buy list on signs of supply-chain improvement or a nonfundamental pullback below $35 per share.
- Last week, Skechers was reported to be looking at a possible IPO for its Asia business.