Skechers is the “S”—Stocks, That Is

New York, New York Though they had been experiencing the summertime blues in the stock market, shares of shoemaker Skechers USA Inc. have increased, thanks to one analyst’s hopeful outlook.

After a BB&T Capital Markets analyst upgraded the stock on Wednesday, despite reporting a decline in their second-quarter earnings. The company was hurt by expenditures that were higher than expected. Analyst David E. Turner said, however, that this it was something investors already knew about.

"International trends remain strong and following a strong close to back-to-school, inventory levels are healthy," Turner said. He also predicts that company earnings will improve.

Turner raised his rating of the shoemaker’s stock from "Hold" to "Buy" and initiated a $30 target price.

Shares rose $1.67, or 8.7 percent, to $20.77 in midday trading. The stock has traded between $17.36 and $38.03 during the past year.

Skechers U.S.A., Inc. engages in the design, development, marketing, and distribution of footwear for men, women, and children in the United States and internationally.