Steven Madden price target raised to $50 from $40 at Piper Sandler

Piper Sandler raised the firm’s price target on Steven Madden (SHOO) to $50 from $40 and keeps an Overweight rating on the shares. The firm says Steven Madden is seeing fashion resonate with improving trends in both Wholesale and own direct-to-consumer, with KG growing double digits this year. Core Madden profitability structurally should have upside back to low double-digit levels pre-tariffs, while KG margins at about 6% this year should reach mid-teens overtime, which equates to close to $5 in earnings power potential.