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

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Earnings Scheduled For April 22, 2016
New Survey Data Pushes Piper Jaffray To Upgrade Foot Locker, Downgrade Steve Madden

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.

Latest Ratings for SHOO

DateFirmActionFromTo
Jul 2016Buckingham ResearchDowngradesBuyNeutral
Apr 2016Piper JaffrayDowngradesOverweightNeutral
Mar 2016Goldman SachsDowngradesNeutralSell

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

 

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