Sterne Agee Maintains Buy On Steven Madden, $40 PT
In a research report issued today, Sterne Agee analyst Sam Poser maintained a Buy rating on Steven Madden (NASDAQ:SHOO). No price target was provided.
Poser commented: “SHOO’s acquisition of its Mexican business for $15M (1x sales) is another wise move in using its strong balance sheet to drive growth. The acquisition represents the next step in SHOO’s international expansion. Mexico is first real test for the SHOO to run an international business. Mexico is familiar territory for SHOO, where a significant amount of its manufacturing takes place. The deal will close in January 2015, and is expected to be $0.02-$0.03 accretive to 2015E EPS.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Sam Poser has a total average return of 19.7% and a 73.1% success rate. Poser has a 9.4% average return when recommending SHOO, and is ranked #31 out of 3310 analysts.