UPDATE: Sterne Agee Raises PT on Steve Madden to $44

Sterne Agee is out with its report today on Steve Madden SHOO, raising its PT from $40 to $44. In a note to clients, Sterne Agee writes, "We are raising our PT on a split-adjusted basis to $44 from $40 and the best is still yet to come, in our view. We believe the recent acquisitions are strategic in growing SHOO's market share while laying the groundwork for synergies across all the brands and licensees over time. With all of last week's announcements, SHOO remains focused on the 15 -25 year old girl, but now can offer her far more than in the past. We anticipate another strong boot season this year, accelerated retail expansion, primarily featuring outlets, acceleration of international growth, and a major push for expanded digital commerce in the next 6 to 18 months." Sterne Agee maintains Buy on SHOO. Shares of SHOO closed Tuesday at $37.16.