In a report released today, Camilo Lyon from Canaccord Genuity maintained a Buy rating on Steven Madden (NASDAQ: SHOO), with a price target of $62. The company’s shares opened today at $56.80, close to its 52-week high of $57.50.
Lyon commented:
“Last week, we met with CEO Ed Rosenfeld while touring the Madden showroom as it prepares for the fall/winter ’18 season. Central to our BUY thesis is SHOO’s ability to continue to lead with on-trend fashion that is supported by the industry’s best test and react strategy. This was evident during our showroom tour as SHOO has a host of trends it is delivering against. These includes fashion sneakers, to-the-knee boots and hiker boots. We also saw early 1Q19 spring sandals, which included sandals with elastic straps, espadrilles, slides on wood-finished bottoms, and woven sandals. Taking it together, SHOO continues to deliver on-trend fashion footwear at accessible price points faster than any competitor in the market. While we continue to see further opportunities for share gains for SHOO, the competitive set appears to be struggling even more so.”
According to TipRanks.com, Lyon is a 3-star analyst with an average return of 2.3% and a 48.7% success rate. Lyon covers the Consumer Goods sector, focusing on stocks such as Canada Goose Holdings Inc, Columbia Sportswear, and Deckers Outdoor.
Steven Madden has an analyst consensus of Moderate Buy, with a price target consensus of $58.13, a 2.3% upside from current levels. In a report issued on August 1, Susquehanna also reiterated a Buy rating on the stock with a $64 price target.
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The company has a one-year high of $57.50 and a one-year low of $37.25. Currently, Steven Madden has an average volume of 396K.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock.
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Steven Madden Ltd. engages in the design, marketing, and sale of fashion-forward footwear for women, men, and children. It operates through the following segments: Wholesale Footwear, Wholesale Accessories, Retail, First Cost, and Licensing. The Wholesale Footwear segment includes branded and private label women’s, men’s, girl’s and children’s footwear.
