Steve Madden gets two-notch upgrade at Goldman

Goldman upgrades Steve Madden (SHOO) from Sell to Buy and raises the price target on the shares to $69 from $43.

Analyst Taposh Bari says the company's balance sheet is "overcapitalized [and] now has 1.3x net cash/EBITDA" which could mean "more meaningful buybacks, dividends, and/or M&A."

Shares +3.7% premarket.

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