Canaccord Reiterates Buy, $47 Target on Steven Madden

Canaccord maintains its Buy rating and $47 target price on Steven Madden, Ltd.

as management meeting affirms solid growth path. Canaccord says, “Evolving fashion trends are necessary to drive growth, and we are encouraged by the upcoming changes for spring 2012. We believe the transition from basic pumps/dress shoes to ornamentation on pumps and casual shoes will result in modestly higher ASPs and an acceleration in units given the newness in the casual trend. We believe SHOO can maintain the ~50% growth rate in international for the next three years, taking it from $50M in sales to $150M, as brand development evolves in both recently added and existing geographies with the likelihood of more coming in 2012/13.” SHOO closed at $36.42 per share on Tuesday.