Wedbush Upgrades Steven Madden (SHOO) to Outperform; Valuation Compelling as Retail Fears Overdone

July 26, 2012 9:33 AM EDT
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Price: $35.90 --0%

Rating Summary:
    9 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 3 | Down: 5 | New: 17
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Wedbush upgraded Steven Madden (NASDAQ: SHOO) from Neutral to Outperform with a price target of $42.00 (from $48.00).

Analyst, Corinna Freedman, said, "We are raising our rating on shares of SHOO to OUTPERFORM as we believe that the shares are oversold. Expectations during the quarter grew increasingly negative based on lackluster sales of summer seasonal footwear in the DTC channel and implications for Fall wholesale orders - concerns which we believe are overblown as retail comps were reported at +6.8% for the quarter...We are raising our estimate to $2.76 from $2.72 for 2012 to include the expected tax benefit."

For an analyst ratings summary and ratings history on Steven Madden click here. For more ratings news on Steven Madden click here.

Shares of Steven Madden closed at $32.79 yesterday.

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