Steven Madden slips after Wedbush cuts price target

Steven Madden

09/06/2022 17:31

(Updates)
    ** Shares of Steven Madden Ltd  SHOO.O  down 1% at $37.85 in
afternoon trading  
    ** 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 SHOO has seen sustained strong
demand trends for its shoes, wholesale retail partners are
becoming more cautious on their Q4 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 number of shipping containers being sent to
sea - Wedbush
    ** Wedbush maintains "outperform" rating on stock; 6 of 10
brokerages rate the stock "buy" or higher and 4 "hold",
according to Refinitiv data  
    ** SHOO down 18.6% 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
  ;))