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Investing.com -- Piper Sandler raised its rating on Steven Madden to Overweight on expectations of a recovery in fashion trends and growth from its Kurt Geiger brand, while downgrading Crocs to Neutral, on market share risks in clogs and continued headwinds at Heydude.
The brokerage said Steven Madden’s fast-turning inventory model positions it to benefit as retailers shift away from casual and “quiet luxury” toward dressier styles.
It expects margins to recover as tariffs ease and sees earnings power of more than $4 a share longer term.
The brokerage also noted Kurt Geiger’s potential to become a billion-dollar brand with mid-teens margins as U.S. awareness builds.
Piper Sandler set a $40 price target for Steven Madden .
On Crocs , the analysts warned the company faces pressure in its core clogs business, which makes up about three-quarters of sales, as rivals such as Birkenstock gain ground and consumer interest shifts toward boots and loafers.
“Clogs represent 75% of CROCS sales, and we think the brand is feeling the pain that’s two-fold--as the industry moves towards more dressy (boots) and as other players enter the category,” analysts at Piper Sandler said.
Piper Sandler also flagged execution challenges at Heydude, where a shift in marketing strategy and leadership changes could weigh on demand. It cut its price target to $75 from $85.