Piper Jaffray analyst Erinn Murphy reiterated a Neutral rating and boosted her price target on Steven Madden (NASDAQ: SHOO) to $35.00 (from $32.00) following Q4 results.

Murphy commented, "Shares have gapped up higher this morning following SHOO's Q4 call in which mgmt issued FY15 guidance that while below the Street, was better than feared. On the call, management did note that FY15 was back-end weighted with EPS declines in 1H and recovery in 2H. While we are pleased by the retail trends (15% of sales) accelerating in warm-weather markets (FL&CA +DD), weather trends in the NE & SE are still significantly colder Y/Y. Macy's alluded on their call that weather in February was not particularly conducive for trends thus far in Q1 but was hopeful of a turn once weather improves. As it relates to SHOO shares, we recognize the opportunities in 2H for recovery in sales and margins but await further visibility in trends during March/ April."

The firm raised FY 2015 EPS from $1.85 to $1.86 and FY 2016 EPS from $2.10 to $2.15

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Shares of Steven Madden closed at $36.20 yesterday.