Steven Madden initiated with a Neutral at Piper Sandler

Piper Sandler initiated coverage of Steven Madden with a Neutral rating and $45 price target. Steven Madden is a “strong operator with a trusted management team,” but the stock’s valuation and potential cost headwinds warrant a Neutral view, the analyst tells investors in a research note. Lapping challenging wholesale trends in 2023 and changing footwear trends will likely power low-teens earnings growth in 2024, but with the stock is 40% off the 52-week low, the 2024 topline growth is mostly priced in, says Piper.