US Brands In China Amid Trade Tensions

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Steve Madden steps up as Citi upgrades stock on a Y2K fashion rebound

Citi analysts say the chunky shoe icon may have bottomed out as social buzz builds and tariff pressures ease.

7/17/25 2:17PM

Steve Madden shares gained nearly 6% Thursday after Citi upgraded the struggling footwear brand to “buy” from “neutral” and raised its price target to $32 — more than 20% above current trading levels.

The brand has lost over a third of its value this year, but Citi analysts think the worst may now be behind the brand as fashion trends shift in its favor and social media buzz helps drive demand for its designer dupe shoe styles. Citi also highlighted the company’s pivot away from China-based manufacturing, which could help curb exposure to tariff shocks.

Citi now expects earnings per share of $2.15 in 2026, well ahead of Wall Street’s $1.84 estimate. The bank’s analysts expect revenue to climb 12% next year, boosted by rising demand for the company’s dress shoes and contributions from its February acquisition of UK-based luxury brand Kurt Geiger. Analysts added that any Q3 guidance when the company reports on July 30 could also help lift spirits.

Steve Madden shares are still down about 41.5% over the past year.

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