Steven Madden shares could rise further-Barron's
NEW YORK Nov 28 (Reuters) - U.S. footwear maker Steven Madden's (SHOO.O) shares are cheaper than those of some of its rivals and could rise further, Barron's wrote in its Nov. 29 edition.
Steven Madden's stock, which currently trades at about $45, has risen 260 percent over the past five years, and more than 63 percent this year.
Despite the "impressive" run-up, the stock trades at a lower multiple of earnings than some rivals such as Kenneth Cole KCP.N, Deckers Outdoor (DECK.O) and Crocs (CROX.O), and could rise over the next 12 months to trade at $50, the financial weekly said.
"Years after its founder's missteps landed him in prison, the company is taking the right steps to stay ahead of rivals," Barron's said on Sunday, citing the company's strengths including its ability to respond to changing consumer tastes faster than many peers. (Reporting by Dhanya Skariachan; Editing by Marguerita Choy)
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