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Citigroup Encouraged on Steven Madden Shares

Related SHOO
Apparel Retailers In Holiday Struggle With Lack Of Fashion Trends
Morgan Stanley: Steven Madden A 'Solid Story, Needs Catalyst'

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
Nov 2014BB&T CapitalInitiates Coverage onHold
Oct 2014Morgan StanleyInitiates Coverage onEqualweight
Oct 2014Citigroup

View More Analyst Ratings for SHOO
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings

 

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