Steven Madden shares rise on upgrade

Wedbush Morgan Securities analyst Jeff Mintz wrote in a note to investors on Thursday that footwear fashion trends--which have been weak over the past year--appear to be improving for fall, particularly boots.

"Although we expect consumer weakness to continue into 2009, recent history suggests that Steve Madden can benefit significantly when fashion footwear is trending strongly," Mintz wrote. "In the current environment, we believe the company's improved product combined with a stronger fashion trend can help drive both top line and margins regardless of overall consumer trends."

Steven Madden has faced falling sales amid a weak consumer environment. However, Mintz said with the improving trends as well as improving products the New York-based company has begun to make, results are likely to improve.

Mintz added the brand is doing well at Nordstrom and Macy's.

He raised his rating on the company to "Buy" from "Hold" and raised his price target to $24 from $19.

Shares rose $2.39, or 12.1 percent, to end at $22.21 Thursday. The stock has traded between $14.61 and $33.04 during the past 52 weeks.