As previously reported, Piper Sandler analyst Anna Andreeva upgraded Steven Madden (SHOO) to Overweight from Neutral with a price target of $40, up from $25. As a fast inventory turning company, Steven Madden was impacted by tariffs the most in the firm’s coverage and should start seeing recovery ahead of peers — 6% EBIT margins Piper models this year are structurally under-earning and have upside back to 11%-12%, plus, from high single-digit margin at the time of acquisition, Kurt Geiger is expected as a mid-teens margin business overtime. The firm views a $4+ in earnings power as realistic; stock is up off the lows but is still down year-to-date and is trading at 15 times 2026 estimates that Piper views as too low.
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