Steven Madden (SHOO) PT Lowered to $40 at Piper Sandler; 'Taking Est. Down on Tariffs'

Piper Sandler analyst Anna Andreeva lowered the price target on Steven Madden (NASDAQ: SHOO) to $40.00 (from $45.00) while maintaining a Neutral rating.

The analyst commented: "More Novelty Ahead; Taking Est. Down on Tariffs; Today we met with SHOO management at FFANY in NYC and previewed some of the product/marketing for July/August deliveries. We continue to be impressed with product execution (even more novelty being added, emerging skinny bottom silhouette could help drive the boots category which for SHOO has already been out-performing the industry), although given the company's ~50% sourcing exposure to China, the highest in our coverage, and 15% from Mexico, estimates need to be reined in. We lower our '25 est. to $2.38 (GM down 250 bps) and PT to $40 (from $45); in the first Trump admin., SHOO was able to offset 75% of tariff headwind (negotiating with partners, taking prices up, moving production), and given the brand's attractive value prop, we think higher pricing should again be a lever."

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