Quantitative analyst and editor of OTC Insight, Jim Collins sees opportunity in Steve Madden (NASDAQ: SHOO), a shoe designer whose products are distributed through department and specialty stores, its 95 retail shops and its e-commerce site.

Fundamentally, Collins is attracted to a recent new product launch known as the "Design your Own" collection, which lets buyers choose between the size of the heels and the patterns, materials, finishings and colors to customize their own shoes. Collins points out that there are a total of 4,221 possible combinations.

Technically, Collins looks to the stock's very high relative strength ranking of 98 out of 100 as well as its solid score of 'B' for accumulation-distribution. He does caution that the company is exposed to fashion risk, which he notes can be difficult to predict. Despite these risks, he has selected the issue as his latest featured investment.

Validea has an unusual approach to stock selection; editor John Reese assesses companies based on the strategies employed by "legendary investors." In the case of his latest buy, Finish Line (NASDAQ: FINL), the stock was chosen based on the value methodology used by Benjamin Graham (Warren Buffett's mentor) and Peter Lynch.

The mall-based retailer operates 667 stores, selling athletic and outdoor footwear. The stock passes all of the primary screens used by Ben Graham such as the tests for current ratio and debt, two measures which signify financial strength. It also passes the tests for earnings growth, p/e valuation, and price-to-book value.

The stock also excels based on the requirements of the Peter Lynch strategy; Reese points to the firm's fast growth relative to its p/e and PEG (price to earning growth) ratios. He notes, "The company also has no debt, which the Lynch strategy likes."

Paul Tracy, editor of StreetAuthority Market Advisor, sees a turnaround developing at Timberland (NYSE: TBL), which he notes has "a stellar brand image that is synonymous with high-quality outdoor wear."

Despite its established brand name, the company has fallen on hard times as consumer tastes have shifted away from boots in recent years. But, according to Tracy, the company is making "big changes to reposition its boots and higher-end shoes as premium products."

The strategy appears to be working. Tracy notes that sales at high-end retailer Nordstrom have already jumped by close to 40%. Further, the company has hired the former head of Nike's Jordan brand to help it create urban designs. Says Tracy, "The stock remains a core member of our Value Portfolio."

Steven Halpern is the editor of TheStockAdvisors.com, which provides a free, daily overview of the latest investment ideas from the financial newsletter community.