UPDATE: Goldman Sachs Upgrades Steven Madden Ltd. to Buy, Raises PT Following Thesis Shift

In a report published Monday, Goldman Sachs analyst Taposh Bari upgraded the rating on

from Sell to Buy, and raised the price target from $43.00 to $69.00. In the report, Goldman Sachs noted, “We upgrade SHOO to Buy from Sell and raise our 12-month price target to $69 from $43, representing 29% upside. Our thesis shifts from footwear cycle deceleration – which has materialized – to capital allocation.Recent signals, including SHOO's resumed share repurchase program, leads us to believe that the company may be more willing to deploy its cash-rich balance sheet (we expect $8 per share net cash by year end). Since we added SHOO to the Americas Sell List on 11/27/12, the shares are +20% vs. the Russell 2000 Index +31%. Over the past 12 months, the shares are +37% vs. the Russell 2000 Index +38%.” Steven Madden Ltd. closed on Friday at $53.31.