Citigroup Encouraged on Steven Madden Shares

Citigroup has published a research report on Steven Madden

stating that the company is protected after DSW

results were reported. In the report, Citigroup writes, "We remain encouraged on SHOO as: (1) SHOO benefitted from having sandals early in the season at the faster than expected warmer weather, (2) SHOO remains a fashion forward executor and fashion continues to work with greater innovation versus DSW's generally broader customer base, (3) we do believe that SHOO is benefitting from new and early implementation of Spikes and Studs occurring now. We estimate that DSW is about ~4-6% of SHOO's total revenue with the most significant brands including Steven Madden and Madden Girl." Citigroup maintains its Buy rating and $50 PT on Steven Madden, which is currently trading down ~6.46% from Friday's $38.06 closing price.