Brean Murray Carret & Co. Starts Steven Madden (SHOO) at Buy, Strength in Model
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Price: $46.60 -1.15%
Rating Summary:
15 Buy, 4 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
15 Buy, 4 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Brean Murray Carret & Co. initiates coverage on Steven Madden (NASDAQ: SHOO) with a Buy. PT $56.00.
The firm comments, "Given the strength of Steven Madden's increasingly diversified business model consisting such key factors - (1) a strong portfolio of brands; (2) ability to mitigate fashion misses; and (3) one of the shortest, if not shortest, lead times in the industry — we believe current low valuations present an appealing buying opportunity, especially with 3Q earnings scheduled to be announced Thursday, November 1st. As we look over the longer term, we believe the company's well-built strategic platform and multiple global growth opportunities - combined with its ability to leverage its masterbrand, Steve Madden - will drive top- and bottom-line upside. We view our valuation of 18x our slightly above consensus FY13 EPS estimate of $3.10 as appropriate, and we would take advantage of low valuations and what we deem an impressive risk/reward profile to become aggressive in the name."
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 $42.83 yesterday.
The firm comments, "Given the strength of Steven Madden's increasingly diversified business model consisting such key factors - (1) a strong portfolio of brands; (2) ability to mitigate fashion misses; and (3) one of the shortest, if not shortest, lead times in the industry — we believe current low valuations present an appealing buying opportunity, especially with 3Q earnings scheduled to be announced Thursday, November 1st. As we look over the longer term, we believe the company's well-built strategic platform and multiple global growth opportunities - combined with its ability to leverage its masterbrand, Steve Madden - will drive top- and bottom-line upside. We view our valuation of 18x our slightly above consensus FY13 EPS estimate of $3.10 as appropriate, and we would take advantage of low valuations and what we deem an impressive risk/reward profile to become aggressive in the name."
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 $42.83 yesterday.
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