Group 1 - Piper Sandler upgraded Steven Madden from Neutral to Overweight and raised its price target from $25 to $40, resulting in a 3% increase in shares [1] - The firm noted that Steven Madden's fast inventory turnover had amplified tariff impacts more than its peers, but the company is now positioned for a stronger recovery [1] - Piper Sandler forecasts EBIT margins of 6% for this year, with potential to return to 11-12% over time [1] Group 2 - The firm highlighted the Kurt Geiger brand, expecting it to become a mid-teens margin business, which would provide further upside [2] - Piper Sandler estimated earnings power of more than $4 per share for Steven Madden, arguing that 2026 Street forecasts are too low [2]