Steven Madden price target raised to $40 from $35 at Loop Capital

Loop Capital analyst Laura Champine raised the firm’s price target on Steven Madden to $40 from $35 but keeps a Hold rating on the shares. Loop is “excited” about the company’s recently acquired Almost Famous brand’s growth following several rounds of channel checks, though the firm has also observed that most footwear companies indicated a customer that was increasingly reliant on discounts in Q4, the analyst tells investors in a research note. The good news for Steve Madden is that it already indicated this expectation on its Q3 earnings call and in investor meetings at the FFANY show in November, the firm added.