Here’s Why Jefferies Upgraded Steven Madden (SHOO) Stock Farooq Mon, November 9, 2026 at 12:17 PM EST 4 min read SHOO +8.28% ^GSPC +2.31% ^IXIC +2.47% ^SOX +6.16% ^DJI +2.18% Trade SHOO on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
We just published a list of the Don't Miss Out: 10 Stocks Getting Major Upgrades From Top Analysts and Steven Madden (NASDAQ:SHOO) ranked 7th on this list.
Wall Street ended a punishing week on Friday with a partial recovery. The Nasdaq Composite rose 1.09% to 24,579.42 and the S&P 500 gained 0.31% to 7,376.86, while the Dow Jones Industrial Average slipped 0.46%, according to the Yahoo Finance live blog on November 6. The S&P 500 was still on track for its worst week since June.
Thursday did the damage. The S&P 500 fell more than 4%, its worst day since the April 2025 tariff crash, and about $3 trillion in market value disappeared, Yahoo Finance reported. The PHLX Semiconductor Index dropped 12%, its worst day since March 2020, and the Nasdaq slipped into a correction.
The trigger was political. After Tuesday's election, Democratic gains raised fears of tighter rules on AI data centers, Reuters reported on November 6, and investors worried that new rules could slow data center construction. For the week, technology stocks fell 7% and energy stocks fell 11%.
Volatility spiked along with prices. The VVIX rose as much as 70% on Thursday, a move seen only eight times since 1991, according to CBOE data cited by Yahoo Finance's Brian Sozzi. In the eight earlier cases, the S&P 500 averaged a 3.0% gain one month later and 14.7% one year later. You might also be interested in reading our piece on oversold AI stocks where Wall Street analysts are spotting 50%+ upside.
Friday's October jobs report added a second jolt. Employers added 165,000 jobs, more than twice what economists expected, and the unemployment rate ticked down to 4.1%, Reuters reported. Markets priced about a 78% chance of a quarter-point hike at the Federal Reserve's December meeting, up from about 67% a day earlier.
Fitch Ratings analyst Olu Sonola said the economy "remains on firm footing," and that the labor market's resilience pushes the debate toward a December hike. St. Louis Fed President Alberto Musalem, who has advocated further hikes, called inflation "a regressive tax, a distortionary tax." Our analysis of 52-week low technology stocks to buy according to analysts covers another group.
Federal Reserve Chairman Kevin Warsh said last month that policymakers would watch "the accumulation of data" to decide whether more tightening is needed. The 10-year Treasury yield was about 4.86% on Friday, up roughly 2 basis points, Yahoo Finance said. The Fed meets December 8-9, and a quarter-point hike is the widely expected outcome, according to Reuters.
Steven Madden has average upside potential of 23%, based on analysts' average price target, and a market cap of $2.89 billion. It had 31 hedge fund holders as of Q2 2026.
Jefferies analyst Corey Tarlowe moved Steven Madden to Hold from Underperform on November 6 and left his price target at $36.
Jefferies described the outlook for the footwear and accessories maker as balanced, pointing to a broader earnings base and continued opportunities to improve margins. It raised its estimates and called $2.60 of earnings per share next year a reasonable figure. At roughly 14 times that number, the shares reach the $36 target. Jefferies now sees risk and reward as more evenly matched going into 2027.
Steven Madden reported third-quarter results on November 5. Revenue rose 15.7% to $772.6 million, wholesale revenue rose 19.4% to $528.7 million, and direct-to-consumer revenue rose 8.0%. Gross margin was 44.6%, up from 41.5%. Adjusted earnings per share were $0.79 against $0.43, and GAAP diluted earnings per share were $0.72 against $0.29. Chairman and Chief Executive Officer Edward Rosenfeld said, "We delivered an outstanding third quarter, with strong growth across our brands and channels."
The company lifted its full-year targets to revenue growth of 12% to 13% and adjusted earnings per share of $2.15 to $2.20, from $2.05 to $2.15.
While we acknowledge the potential of SHOO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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This article is originally published at Insider Monkey.
