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Citigroup Encouraged on Steven Madden Shares

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Steven Madden (SHOO) Enters Overbought Territory - Tale of the Tape
Earnings Scheduled For February 25, 2014

Citigroup has published a research report on Steven Madden (NASDAQ: SHOO) stating that the company is protected after DSW (NYSE: DSW) results were reported.

In the report, Citigroup writes, "We remain encouraged on SHOO as: (1) SHOO benefitted from having sandals early in the season at the faster than expected warmer weather, (2) SHOO remains a fashion forward executor and fashion continues to work with greater innovation versus DSW's generally broader customer base, (3) we do believe that SHOO is benefitting from new and early implementation of Spikes and Studs occurring now. We estimate that DSW is about ~4-6% of SHOO's total revenue with the most significant brands including Steven Madden and Madden Girl."

Citigroup maintains its Buy rating and $50 PT on Steven Madden, which is currently trading down ~6.46% from Friday's $38.06 closing price.

Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings

 

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