** Shares of footwear maker Skechers USA SKX.N down 12.3% at $66.30 premarket
** Co post market close on Thursday forecast annual sales, profit below estimates after Q4 results miss
** Brokerage TD Cowen cuts PT on stock to $83 from $93
** Says margins pressured by macro-weakness in China and currency exchange impacts need to improve
** Brokerage BofA also cuts PT by $4 to $76, cites high growth footwear peers given co's lower margin profile
** Sees Q1 to be the low point of the year in terms of sales growth and operating margin deleverage due to expected continued weakness in China, elevated marketing spend
** Says China will determine whether SKX can beat its initial sales guidance as brokerage sees it to be highly dependent on speed of macroeconomic recovery
** 14 of 18 brokerages rate the stock "buy" or higher, and four "hold"; with a median PT of $80
** SKX rose 7.9% in 2024
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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