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UPDATE: Goldman Sachs Initiates Steven Madden at Sell; Cyclical Over-Earning

Related SHOO
Steven Madden (SHOO) Enters Overbought Territory - Tale of the Tape
Earnings Scheduled For February 25, 2014

Goldman Sachs initiated coverage on Steve Madden (NASDAQ: SHOO) with a Sell rating and a $35 price target.

Goldman Sachs commented, "While we credit SHOO management for evolving Steve Madden into an innovative footwear and accessories company, we consider some of the recent gains as cyclically inflated from a strong non-athletic/fashion footwear product cycle. We see disproportionately negative risk to fundamentals and sentiment as the company anniversaries peak operating metrics and enters the fourth year of an unprecedented cycle."

Steve Madden closed at $44.09 on Monday.

Posted-In: Goldman SachsAnalyst Color Initiation Intraday Update Analyst Ratings

 

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