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Citigroup Encouraged on Steven Madden Shares

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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.

Latest Ratings for SHOO

DateFirmActionFromTo
Aug 2016SusquehannaInitiates Coverage onPositive
Aug 2016B. Riley & Co.DowngradesBuyNeutral
Jul 2016Buckingham ResearchDowngradesBuyNeutral

View More Analyst Ratings for SHOO
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings

 

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