Analysts' Top Consumer Cyclical Picks: Steven Madden (SHOO), Stella International Holdings Limited (SLNLF)We expect a relatively in-line 3Q EPS vs cons (11/6 BMO), though we are below cons on sales (+10% vs cons +12%) and model higher SG&A $ growth vs cons, which is offset by a much stronger GM (+70bps vs cons -160bps) driven by the addition of higher-margin KG. While we believe underlying trends at both core SM/KG are solid, we expect 2H core SM sales to remain pressured by order cancellations/late deliveries/lack of reorders given tariff disruptions this year. We are more confident in our view of F26 as a sales/margin recovery year, based on building momentum in dress/boots and strong momentum at KG. As a result, we are raising our $2.46 (vs cons $1.96), our TP from $32 to $41 and maintaining Buy. However, given recent share strength (+41% since reporting 2Q) and China tariff noise, we see a balanced risk/reward into 3Q EPS.