Steven Madden price target lowered to $38 from $44 at Telsey Advisory

Telsey Advisory analyst Dana Telsey lowered the firm’s price target on Steven Madden (SHOO) to $38 from $44 and keeps a Market Perform rating on the shares. The company reported a “mixed bag” closing out FY24, with increased promotions and a greater mix of private label weighing on gross margin, the analyst tells investors. The company continues to deliver improvements in the international business, apparel/accessories, and DTC, but visibility to improved profitability in a still challenging environment remains difficult, the firm adds.