12:00 PM EDT, 04/26/2024 (MT Newswires) -- Skechers USA ( SKX ) is poised to deliver $10 billion in sales by 2026, as suggested by the company's "strong" Q1 results, UBS Securities said in a note on Friday.

The company's Q1 print showed that its product assortment, brand name and growth potential are robust, UBS said.

The firm noted that Skechers' US wholesale channel "significantly rebounded" in the quarter, the company maintained momentum in international markets and gross margin increased.

"We think favorable product and channel mix shift will continue to be tailwinds," the firm said.

UBS lifted Skechers' price target to $88 from $81 and maintained its buy rating.

Shares of the company rose 14% in recent trading activity.

Price: 67.01, Change: +8.19, Percent Change: +13.92