Steven Madden (NASDAQ:SHOO) was upgraded by analysts at Goldman Sachs Group Inc. from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Monday, Analyst Ratings Network reports. The firm currently has a $69.00 price objective on the stock, up from their previous price objective of $43.00. Goldman Sachs Group Inc.’s price objective would suggest a potential upside of 29.43% from the company’s current price.
The analysts wrote, “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%.”
A number of other firms have also recently commented on SHOO. Analysts at Sterne Agee downgraded shares of Steven Madden from a “buy” rating to a “neutral” rating in a research note to investors on Monday, July 15th. They now have a $51.00 price target on the stock. Separately, analysts at Ned Davis Research upgraded shares of Steven Madden from a “neutral” rating to a “buy” rating in a research note to investors on Monday, July 1st. Finally, analysts at Piper Jaffray Cos. initiated coverage on shares of Steven Madden in a research note to investors on Thursday, June 6th. They set an “overweight” rating and a $55.00 price target on the stock.
Shares of Steven Madden (NASDAQ:SHOO) opened at 53.31 on Monday. Steven Madden has a 52 week low of $38.96 and a 52 week high of $53.39. The stock’s 50-day moving average is currently $49.77. The company has a market cap of $2.314 billion and a P/E ratio of 19.28.
Steven Madden (NASDAQ:SHOO) last released its earnings data on Thursday, August 1st. The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.64 by $0.01. The company had revenue of $297.60 million for the quarter, compared to the consensus estimate of $307.48 million. During the same quarter in the previous year, the company posted $0.61 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts predict that Steven Madden will post $3.00 earnings per share for the current fiscal year.
Steven Madden, Ltd. designs, sources, markets and sells name brand and private label footwear for women, men and children and name brand and private label fashion handbags and accessories.
