Shares of athletic shoe maker Skechers USA Inc. zoomed more than 26% in premarket trade Friday, after the company blew past earnings estimates for the third quarter. Susquehanna analysts raised their stock price target to $38 from $34 on the news, and said international sales are driving “exceptional growth” while the U.S. business is healthy. “SKX’s results are evidence that SKX is not the one trick pony it once was,” analysts led by Sam Poser wrote in a note. Skechers’ international wholesale business grew by 25.7% and China growth was about 50%. “SKX believes China is a $1B business in two to three years and could be as large, or larger, than the U.S. – a realistic notion considering success thus far, brand strength in China, and investments, which include breaking ground on a new DC in 3Q18/4Q18,” said Poser. Shares were down 2.2% in 2017 through Thursday, while the S&P 500 has gained 14%.
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