UPDATE: Goldman Sachs Raises PT on Steve Madden on Potential Capital Allocation Outcomes
In a research report published on Tuesday, Goldman Sachs analyst Taposh Bari raised the price target on Steve Madden (NASDAQ: SHOO) from $40 to $43 and maintained a Sell rating.
In the report, Goldman Sachs stated, "We believe Sell-rated SHOO's annual shareholder meeting, this Friday 5/24/13, serves as a potential capital allocation catalyst, likely in the form of an increased buyback authorization...While the company has the ability to repurchase more, we believe management remains focused on growth through acquisition."
Steve Madden closed Monday at $48.58.
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