Update: Sterne Agee Raising Price Target On Steve Madden Ltd. (SHOO)

Sterne Agee is raising its price target and estimates on shares of Steve Madden Ltd. SHOO. It has a Buy rating, and the price target is going to $60 from $50. In a note to investors, Sterne Agee writes, "We are raising our '12 EPS estimate from $3.58 to $3.75, and the PT from $50 to $60. We anticipate the advent of the aforementioned new initiatives to drive both revenues and margins better than we had previously anticipated. The '11 EPS guidance of $3.00 - $3.10 will likely prove quite conservative given that management was cautious about the boot business in the back half of the year, and based on our checks another vibrant boot season is at hand. Steve Madden continues to expand its business with international initiatives, new licenses, and new ecommerce plans. The industry-leading 10X turn and the plethora of new initiatives coupled with new compelling product will help to offset cost pressures, though the mix change may provide headline risk." Shares of SHOO are down 54 cents in early Monday trading to $52.61, a loss of 1% this morning.