KeyBanc Starts Steven Madden (SHOO) at Hold, Will Continue to Gain Market Share

KeyBanc initiates coverage on shares of Steven Madden (NASDAQ: SHOO) with a Hold rating.

The firm believes the company's key competitive advantages will drive long-term earnings growth through strong sales and margins. The company has one of the largest operating margins in the sector at this time. KeyBanc also believes SHOO will continue to gain market share given its current strength in the market.

An analyst at KeyBanc comments, "SHOO’s powerful “Test and React” strategy and short lead times allow the Company to work closer in-season, mitigating fashion risk. Nevertheless, with the stock up 24% in 2011 vs. the S&P 500 flat year-over-year over the same time period, we believe valuation is full and wait for a better entry point."

For FY11 and FY12, the firm is estimating EPS of $2.25 and $2.69.

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 $34.96 yesterday.

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