Morgan Stanley Believes Steven Madden 4Q Report Shows Progress, But Rebound Is Already Priced-In

In a report published Wednesday, Morgan Stanley analyst Jay Sole reiterated an Equal-Weight rating and $35.00 price target on

. In the report, Morgan Stanley noted, "New footwear fashion trends are emerging, which should stimulate double-digit 2H15 SHOO EPS growth and end SHOO's downward revision cycle. However, with the stock trading at an above-average 18.5x P/E, we think the market already discounts the opportunity. Remain Equal-weight." Steven Madden closed on Tuesday at $36.20.