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