12:51 PM EDT, 10/25/2024 (MT Newswires) -- Skechers USA's ( SKX ) Q3 results showed the strength of its worldwide reach and breadth of product offerings, UBS said in a note Thursday.

The firm said it raised its 2024 earnings per share forecast for Skechers to $4.25 from $4.15 primarily due to the company's "strong" beat in Q3.

UBS said it lifted its 2024 sales growth forecast about 80 basis points mainly because of strong momentum in its wholesale channels in the US and abroad.

But it cut its 2024 earnings before interest and taxes margin forecast about 30 basis points due to slightly higher projections of promotions, ocean freight costs, and general and administrative expenses.

UBS maintained the company's buy rating and $92 price target.

"We believe underlying demand for SKX's products remains strong and fundamentals are further supported by management's commitment to share buybacks," the report said.

Price: 60.33, Change: -1.30, Percent Change: -2.11