SHOO - Steven Madden +3% after Susquehanna sees dominance over the long term

Susquehanna pushes its rating on Steven Madden (SHOO) to Positive from Neutral on a call based solely on valuation. Analyst Sam Poser: "SHOO will continue, in our view, to be the dominant fashion footwear company in our coverage universe over the long term, though the near/medium-term could be difficult. Dress footwear weakness coupled with caution from large retail partners will be headwinds. That said, SHOO has done an impressive job of successfully pivoting the business to align with its consumers' move toward a more casual offering; fashion sneakers now encompass 30% of sales, up from low single digits only a few years ago. Further, as the pandemic forces smaller undercapitalized brands to either exit the market or significantly shrink operations, we believe SHOO has an opportunity to gain even more shelf space." The firm increases its price target to $25 to reflect a 14.1X multiple off the FY22 estimate. Shares

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Steven Madden +3% after Susquehanna sees dominance over the long term