Steven Madden price target lowered to $40 from $45 at Piper Sandler

Piper Sandler analyst Anna Andreeva lowered the firm’s price target on Steven Madden (SHOO) to $40 from $45 and keeps a Neutral rating on the shares after meeting with management and previewing some of the product/marketing for July/August deliveries. The firm continues to be impressed with product execution, although given the company’s 50% sourcing exposure to China, the highest in its coverage, and 15% from Mexico, estimates need to be reined in.