Skechers Downgraded at Morgan Stanley

Shares of Skechers (SKX) - Get Report were lower Wednesday after Morgan Stanley downgraded its rating on the stock to Equal-Weight from Overweight. The firm also cut its price target on the shares to $25 from $41. Analysts with Morgan Stanley believe the consumer shift toward pure fashion styles and away from athletic footwear is causing the footwear company to alter its variety, which is resulting in slower sales growth. The analysts see no positive fashion catalysts until the first half of 2017 and expect consensus estimates to decline.

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