Canaccord Genuity Reiterates a 'Buy Steven Madden (SHOO); Negative Reaction to DSW News Overblown

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Canaccord Genuity reiterates a 'Buy Steven Madden (NASDAQ: SHOO) price target of $53.00.

Analyst, Camilo Lyon, said, "DSW (NYSE: DSW), a ~5% customer of SHOO, negatively preannounced Q2 earnings this morning due to higher mix of clearance product that is expected to pressure Q2 gross margins. As a result, SHOO is trading down ~5% in sympathy. We believe the decline in SHOO shares is overdone and would use it as a buying opportunity."

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 $35.96 yesterday, with a 52 week range of $27.80-$45.70.

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