UPDATE: Canaccord Genuity Raises PT on Steven Madden Following Positive CEO Meetings
In a report published Thursday, Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating on Steven Madden (NASDAQ: SHOO), and raised the price target from $57.00 to $59.00.
In the report, Canaccord Genuity noted, “We continue to be positive on both the near and longer term growth prospects for SHOO after our meetings with CEO Ed Rosenfeld, who presented at the Canaccord Global Growth Conference Wednesday. Central to its strategy is (1) accelerating growth in the core Steve Madden women's business from MSD to M-HSD, (2) expanding outlet door openings, and (3) market share gains with both new and existing brands. While still early, the reads on BTS have been positive and retailers are enthusiastic about the newness for fall ‘13 particularly in booties/boots. We reiterate our BUY rating and raise our target to $59 from $57 to reflect a slightly higher P/E multiple of 15x in our valuation.”
Steven Madden closed on Wednesday at $54.18.
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