Sterne Agee is out with its report today on Steve Madden (NASDAQ: SHOO), raising its PT from $40 to $44.
In a note to clients, Sterne Agee writes, "We are raising our PT on a split-adjusted basis to $44 from $40 and the best is still yet to come, in our view. We believe the recent acquisitions are strategic in growing SHOO's market share while laying the groundwork for synergies across all the brands and licensees over time. With all of last week's announcements, SHOO remains focused on the 15 -25 year old girl, but now can offer her far more than in the past. We anticipate another strong boot season this year, accelerated retail expansion, primarily featuring outlets, acceleration of international growth, and a major push for expanded digital commerce in the next 6 to 18 months."
One of the our top-scoring writers on ProofTrader thinks the shoe trend might come back this holiday season and slaps a $40 price target on SHOO in "Steve Madden boots for all the ladies in your life":