Jefferies upgrades Steven Madden stock rating to hold on balanced outlook

BMO Capital reduced its price target for Steven Madden (SHOO) to $55 from $60, citing a Q4 guidance miss despite strong Q3 sales growth. The company's revenue grew 20% over the past year, but Q4 wholesale guidance was lowered. BMO maintains an Outperform rating, noting attractive valuation metrics. Steven Madden's Q3 earnings beat expectations but missed on revenue, leading to a 16% share drop. The company raised full-year guidance but warned of a weaker Q4.

Jefferies raised its rating on Steven Madden to Hold from Underperform, setting a $36 price target. This implies a 7.7% downside from the Nov 5 close of $38.99.

Steven Madden (SHOO) revised its full-year forecast, lowering Kurt Geiger brand revenue growth to low double digits and raising Dolce Vita to the same range. Q3 Kurt Geiger revenue was $142.9M, with direct-to-consumer sales up 6%. The company expects Q4 wholesale revenue to decline 6-7% due to shipment timing. Inventory decreased 12.8% YoY, and the board approved a $0.21 quarterly dividend.

Steve Madden reported Q3 growth in footwear, accessories, and apparel across its brand portfolio, with strong performance in casuals, booties, and heels. CEO Edward Rosenfeld highlighted growth in its flagship brand and men's footwear line. Kurt Geiger and Dolce Vita also saw success in specific product categories. The company's net income more than doubled to $52.4 million, with total revenue up 15.7% to $772.6 million. Shares were down 17.3% amid broader market selloff.

Steve Madden (SHOO) reported Q3 2026 revenue of $772.6M, up 15.7% YoY. Wholesale revenue grew 19.4%, while DTC revenue increased 8%. The company raised its full-year revenue and earnings outlook, citing strong brand performance and consumer engagement. Steve Madden brand revenue is expected to rise high single digits, Kurt Geiger low double digits, and Dolce Vita low double digits. Betsey Johnson is on track for low teens growth.

Steven Madden Ltd. reported Q3 net income of $52.4M, up from $20.5M YoY, and raised its full-year forecast. Revenue rose 15.7% to $772.6M, missing estimates. Wholesale revenue grew 19.4%, while direct-to-consumer revenue increased 8.0%.