Auriga Starts Steven Madden (SHOO) at Buy

Auriga initiates coverage on Steven Madden (NASDAQ: SHOO) with a Buy. PT $42.00.

The firm comments, "We believe the compelling story behind Steve Madden is its ability to generate fresh, fashion-forward merchandise through a wide variety of brands, distribution channels and price points. Fashion and trend-right merchandise is a core competency of the company that we expect to continue going forward. What we believe makes SHOO an interesting investment idea is the company's intention to build on its existing brand portfolio, begin to move to a more direct sourcing model through its recent acquisition of Topline Corporation, add new brands via acquisition, open outlet stores for the first time in new markets, build its small international presence and continue to develop its licensing division, all within the existing operating structure of the company. Our $42 PT assumes a 16x multiple on our 2012 EPS estimate."

For more ratings news on Steven Madden click here and for the rating history of Steven Madden click here.

Shares of Steven Madden closed at $34.74 yesterday.

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