Steven Madden may face slowing wholesale demand, Wedbush says

Steven Madden

09/06/2022 13:59

** Wedbush Securities cuts price target on Steven Madden
 SHOO.O  by $9 to $46, which is 11.5% below the stock's median
PT on Wall Street     
    ** Brokerage says that while Steven Madden has seen
sustained strong demand trends for its shoes, wholesale retail
partners are becoming more cautious on their fourth quarter
buying plans due to potential macro headwinds from inflation
    ** Supply chain issues could also persist if U.S. West Coast
ports get congested as a return to full productivity in China
results in a large numbers of shipping containers being sent to
sea, Wedbush said
    ** Wedbush maintains "outperform" rating on stock; 6 of 10
brokerages rate the stock "buy" or higher and 4 "hold",
according to Refinitiv data  
    ** Up to Wednesday's close of $38.23, Steven Madden shares
had fallen 17.7% this year, against a 26.6% fall in the S&P 1500
Footwear index  .SPCOMSHOE  

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))