华尔街最受关注、能推动市场走势的研究报告现已汇总于此。以下由 The Fly 整理的今日投资者需重点 关注的分析师评级调整。 五大上调评级 五大下调评级 五大首次覆盖评级 五大上调评级 五大下调评级 五大首次覆盖评级 1. B． Riley：将 Snap（SNAP）评级从中性上调至买入，目标价维持10 美元不变。四季度财报发布 后，该机构发现 Snap 多项核心举措已现积极进展，包括高端订阅收入持续强劲增长，以及高利润 率广告形式的落地推广。 2. Seaport Research：将 FuboTV（FUBO）评级从中性上调至买入，目标价3 美元。迪士尼（DIS） Hulu Live 与 FuboTV 合并后的首个季度财报发布后，该股大幅下跌，但该机构认为，当前不确定 性下，这一调整反而带来了优质投资机会。 3. Wolfe Research：将 Zoom 通讯（ZM）评级从同业表现上调至跑赢大盘，目标价115 美元。该机 构认为，公司增长有望重新加速，同时看好其合同中心与电话业务的强劲表现，以及新兴语音人 工智能业务的上行空间。 4. Jefferies：将塞拉尼斯（CE）评级从持有上调至买入，目标价从43 ...

Key Takeaways SHOO expects international revenues to be a key growth driver, with demand across EMEA and APAC.SHOO plans cross-brand expansion, using its distribution network to grow Kurt Geiger globally.SHOO prioritizes DTC, with Kurt Geiger over 70% DTC and 133 concessions supporting reach.Steven Madden, Ltd. (SHOO) sees international business as a key growth driver, fueled by geographic diversification and deeper brand penetration globally. Management expects core Steven Madden brand revenues outside the ...

Core Viewpoint - Steven Madden (SHOO) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, making it a valuable tool for investors [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling actions that affect stock prices [4]. Company Performance and Investor Sentiment - The upgrade reflects an improvement in Steven Madden's underlying business, suggesting that investors may respond positively by driving the stock price higher [5]. - Over the past three months, the Zacks Consensus Estimate for Steven Madden has increased by 14.8%, indicating a favorable trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Steven Madden's upgrade places it in the top 5% of Zacks-covered stocks, suggesting strong potential for market-beating returns in the near term [10].

Core Insights - Steven Madden's Q3 2025 earnings report showed a decline in earnings and a mixed performance in revenues, with total revenues increasing but earnings per share (EPS) falling significantly [3][4]. Financial Performance - Adjusted quarterly earnings were reported at 43 cents per share, missing the Zacks Consensus Estimate of 44 cents, and down 52.7% from 91 cents in the prior-year period [4]. - Total revenues rose 6.9% year over year to $667.9 million, but this figure missed the consensus estimate of $699 million [4]. - Adjusted gross profit increased by 11.6% year over year to $289.7 million, surpassing the estimate of $278.5 million, with an adjusted gross margin expanding 180 basis points to 43.4% [5]. - Adjusted operating income fell to $46.3 million, down 45.8% from the prior-year quarter, with an adjusted operating margin decreasing 680 basis points to 6.9% [6]. Segment Performance - Wholesale revenues totaled $442.7 million, a decline of 10.7% year over year, with a 19% decrease when excluding the recently acquired Kurt Geiger business [7]. - Direct-to-consumer revenues increased significantly by 76.6% year over year to $221.5 million, although this growth was only 1.5% when excluding Kurt Geiger [9]. Financial Health - As of the end of the quarter, the company had cash and cash equivalents of $108.7 million and stockholders' equity of $886.1 million [10]. - A cash dividend of 21 cents per share was announced, payable on December 26, 2025 [11]. Future Outlook - For Q4 2025, the company expects revenues to rise by 27% to 30% year over year, with EPS forecasted between 30 cents and 35 cents [13]. - The contribution from Kurt Geiger is anticipated to range between $182 million and $187 million in revenues for Q4, with a significant portion coming from direct-to-consumer operations [14]. Market Sentiment - Since the earnings release, there has been an upward trend in estimates, with the consensus estimate shifting by 66.67% [15]. - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [17].

Core Insights - The competitive landscape between NIKE Inc. and Steven Madden Ltd. highlights their distinct market positions, with NIKE as a leader in performance sports and Steven Madden focusing on fashion-forward casual footwear [1][2] NIKE Inc. (NKE) - NIKE's investment case is supported by its significant scale and leadership in the global athleticwear market, with Q1 fiscal 2026 revenue reaching $11.72 billion, indicating the effectiveness of its "Win Now" strategy [3][4] - The brand experienced a more than 20% surge in running sales, and North America saw an 11% increase in wholesale, maintaining its status as a leading sportswear brand among younger consumers [4][5] - NIKE's strategic initiatives include a new Sport Offense structure aimed at enhancing product innovation and cultural relevance, alongside efforts to reset classic franchises and focus on key growth categories [5][6] - Despite challenges such as digital softness and tariff pressures leading to a gross margin decline to 42.2%, NIKE's management remains confident in returning to double-digit margins over time [6] - The Zacks Consensus Estimate for NIKE's fiscal 2026 sales suggests a modest year-over-year growth of 0.8%, with EPS expected to decline by 24.1% [12] Steven Madden Ltd. (SHOO) - Steven Madden presents a differentiated investment case with strong brand equity and diversified category exposure, achieving a 6.9% revenue growth in Q3 and expanding gross margin to 43.4% [8][11] - The company benefits from a multi-brand portfolio and a robust presence with 397 stores and seven e-commerce sites, appealing to Gen Z and millennial consumers [7][10] - Product innovation and disciplined pricing strategies are driving demand, particularly in high-demand categories like boots and casual footwear [9][11] - The Zacks Consensus Estimate for Steven Madden's 2025 sales indicates a year-over-year growth of 10.3%, with EPS expected to decline by 40.1% [14] - Steven Madden's stock has increased by 37% over the past three months, reflecting improving analyst sentiment and expectations for continued growth [8][16] Valuation and Performance Comparison - NIKE shares have declined by 17.8% in the past three months, while Steven Madden's stock has seen significant growth [16] - NIKE is trading at a forward P/E multiple of 30.29X, slightly below its five-year median, indicating a potential opportunity for long-term investors [18][19] - In contrast, Steven Madden's forward P/E multiple is at 18.32X, above its historical median, suggesting elevated market expectations for continued recovery and growth [18][20] - The analysis indicates that NIKE is viewed as a stable leader, while Steven Madden is perceived as a growth story with higher expectations [21] Conclusion - NIKE remains a global icon with unmatched scale, but the near-term outlook favors Steven Madden due to stronger price performance and improving analyst expectations [25][26] - Steven Madden's relative affordability and operational improvements strengthen its investment case, making it a compelling opportunity for growth-focused investors [26][27]

Core Insights - Steve Madden reported a revenue increase of 6.9% year-over-year to $667.9 million for Q3 2025 [1] - The gross margin remained stable at 41.5%, while the adjusted gross margin improved to 43.4% from 41.6% in the same period of 2024 [1] - Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, down from $55.3 million, or $0.77 per diluted share in Q3 2024 [1] Financial Performance - Revenue: $667.9 million, a 6.9% increase year-over-year [1] - Gross Margin: 41.5% (unchanged from 2024); Adjusted Gross Margin: 43.4% (up from 41.6% in 2024) [1] - Operating Expenses: 36.8% of revenue, compared to 28.6% in 2024; Adjusted Operating Expenses: 36.4% of revenue, up from 27.9% in 2024 [1] - Operating Income: $31.4 million, representing 4.7% of revenue; Adjusted Operating Income: $46.3 million, or 6.9% of revenue, down from $85.4 million, or 13.7% in 2024 [1] Profitability Metrics - Net Income: $20.5 million, down from $55.3 million in Q3 2024 [1] - Adjusted Net Income: $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in 2024 [1]

Core Insights - Steven Madden reported $667.88 million in revenue for Q3 2025, a year-over-year increase of 6.9%, but fell short of the Zacks Consensus Estimate of $698.91 million by 4.44% [1] - The company's EPS for the quarter was $0.43, down from $0.91 a year ago, and also missed the consensus estimate of $0.44 by 2.27% [1] Revenue Breakdown - International revenue reached $255.88 million, exceeding the average estimate of $182.76 million, representing a year-over-year increase of 110.8% [4] - Domestic revenue was $411.99 million, below the average estimate of $515.62 million, reflecting an 18.1% decline year-over-year [4] - Direct-to-Consumer revenue was $221.5 million, surpassing the average estimate of $173.97 million, with a year-over-year increase of 76.5% [4] - Total Wholesale revenue was $442.7 million, below the average estimate of $476.94 million, showing a 10.7% decrease year-over-year [4] - Total Revenue from Net Sales was $664.2 million, slightly above the average estimate of $650.91 million, marking a 6.3% year-over-year increase [4] Operational Performance - Income from operations in Wholesale was $55.72 million, below the average estimate of $66.36 million [4] - Income from operations in Direct-to-Consumer was -$4.44 million, better than the average estimate of -$7.44 million [4] - Income from operations in Wholesale Accessories/Apparel was $15.6 million, below the average estimate of $21.07 million [4] - Income from operations in Wholesale Footwear was $40.11 million, below the average estimate of $45.29 million [4] Stock Performance - Steven Madden's shares have returned +9.9% over the past month, outperforming the Zacks S&P 500 composite's +4.4% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Financial Performance - Total revenue for Q3 2025 increased by 6.9% to $667,875 compared to $624,675 in Q3 2024, driven by the acquisition of Kurt Geiger[154] - Net income attributable to Steven Madden, Ltd. was $20,528 in Q3 2025, down from $55,278 in Q3 2024[154] - Diluted earnings per share for Q3 2025 was $0.29, compared to $0.77 in the same period last year[156] - Gross profit for Q3 2025 was $277,375, maintaining a gross margin of 41.5%, despite tariff-related impacts[161] - Income from operations for Q3 2025 decreased to $31,358, or 4.7% of total revenue, down from $74,578, or 11.9% in Q3 2024[163] - Total revenue for the nine months ended September 30, 2025 increased 4.7% to $1,780,409 compared to $1,700,609 in the prior year, primarily due to incremental revenue from the acquisition of Kurt Geiger[181] - Gross profit for the nine months ended September 30, 2025 was $729,669, or 41.0% of total revenue, down from $701,488, or 41.2% in the prior year, impacted by tariff-related issues[182] - Income from operations for the nine months ended September 30, 2025 was $44,599, or 2.5% of total revenue, significantly lower than $178,194, or 10.5% in the prior year[184] - Net income attributable to Steven Madden, Ltd. for the nine months ended September 30, 2025 was $21,474, compared to $134,589 in the prior year[185] Revenue Segmentation - Revenue from the Wholesale Footwear segment decreased by 10.9% to $266,543, representing 39.9% of total revenue, primarily due to tariff-related impacts[165] - Revenue from the Direct-to-Consumer segment surged by 76.6% to $221,505, driven by the acquisition of Kurt Geiger and expansion in brick-and-mortar stores[173] - Revenue from the Wholesale Footwear segment for the nine months ended September 30, 2025 was $782,827, or 44.0% of total revenue, down 5.9% from $832,000 in the prior year[186] - Revenue from the Direct-to-Consumer segment for the nine months ended September 30, 2025 was $529,071, or 29.7% of total revenue, an increase of 41.4% from $374,194 in the prior year[194] - Loss from operations for the Direct-to-Consumer segment for the nine months ended September 30, 2025 was $55,002, or (10.4)% of revenue, compared to income of $14,564, or 3.9% in the prior year[197] - Royalty income from the Licensing segment for the nine months ended September 30, 2025 was $8,737, or 0.5% of total revenue, up from $7,163, or 0.4% in the prior year[198] Expenses and Costs - Operating expenses for Q3 2025 rose to $246,017, or 36.8% of total revenue, compared to $178,915, or 28.6% in Q3 2024, primarily due to the acquisition of Kurt Geiger[162] - Operating expenses for the nine months ended September 30, 2025 were $687,145, or 38.6% of total revenue, compared to $507,343, or 29.8% in the prior year, largely due to acquisition-related costs[183] - Corporate operating expenses for Q3 2025 were $23,377, or 3.5% of total revenue, down from $25,065, or 4.0% in Q3 2024[179] - Corporate operating expenses were $80,070 million, representing 4.5% of total revenue, compared to $72,781 million or 4.3% in the prior year[200] Taxation - The effective tax rate for Q3 2025 was 17.4%, down from 25.5% in Q3 2024[154] - The effective tax rate for the nine months ended September 30, 2025 was 47.0%, compared to 24.3% in the prior year, primarily due to non-deductible expenses related to the acquisition of Kurt Geiger[184] Cash Flow and Investments - Cash, cash equivalents, and short-term investments totaled $108,862 as of September 30, 2025[157] - Working capital increased to $520,512 as of September 30, 2025, compared to $491,880 a year earlier[157] - Cash provided by operating activities decreased to $71,072 million from $94,245 million, primarily due to lower net income[210] - Cash used in investing activities totaled $392,861 million, mainly due to the acquisition of Kurt Geiger for $371,554 million[211] - Cash provided by financing activities was $237,540 million, primarily from net borrowings of $300,000 million[212] Acquisitions and Strategic Initiatives - The company acquired a 50% controlling interest in MG Distribution Hong Kong Limited to expand distribution in China, Hong Kong, and Macau[145] - The company completed the acquisition of Kurt Geiger for a preliminary purchase price of $403,348 million on May 6, 2025[203] - Strategic initiatives include expanding international markets and growing non-footwear categories[155] Dividends and Borrowings - A quarterly cash dividend of $0.21 per share was approved, payable on December 26, 2025[216] - The company has outstanding borrowings of $277,500 million under its senior secured term loan facility, with interest rates subject to market fluctuations[220]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach emphasizes understanding the long-term earnings power of companies and the competitive dynamics of their industries [1] - Most recommendations will be holds, indicating a cautious stance in a bullish market [1] Group 2 - The articles aim to provide important information for future investors while maintaining a healthy skepticism [1] - A very small fraction of companies are considered a buy at any point in time, highlighting a selective investment approach [1]

Core Viewpoint - Investors are encouraged to consider Steven Madden (SHOO) due to improving earnings estimates and positive stock momentum [1][8] Estimate Revisions - The upward trend in earnings estimate revisions indicates growing analyst optimism regarding Steven Madden's earnings prospects, which is expected to positively impact its stock price [2] - The Zacks Rank system, which correlates earnings estimate revisions with stock price movements, supports this positive outlook [2][3] Current Quarter and Year Estimates - For the current quarter, Steven Madden is expected to earn $0.27 per share, reflecting a 50.9% decrease from the previous year, but the Zacks Consensus Estimate has increased by 83.16% due to one upward revision [5] - For the full year, the expected earnings are $1.60 per share, a 40.1% decline from the prior year, with two upward revisions contributing to a positive trend in consensus estimates [6] Zacks Rank - Steven Madden has achieved a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, indicating strong potential for outperformance compared to the S&P 500 [7] - Stocks with Zacks Rank 1 and 2 are shown to significantly outperform the S&P 500 [7] Stock Performance - The stock has gained 12.9% over the past four weeks, reflecting investor confidence in its earnings growth prospects [8]