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

Goldman Sachs initiated coverage on Steve Madden 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.