UPDATE: Sterne Agee Downgrades Steven Madden Ltd. to Neutral, Removes PT on Valuation

In a report published Monday, Sterne Agee analyst Sam Poser downgraded the rating on

from Buy to Neutral, and removed the $51.00 price target. In the report, Sterne Agee noted, “The stock is priced for perfection and is trading at our previous price target of $51. Current trends continue to be robust and management is making the right moves. Industry-leading inventory turnover, strong brand recognition, and strong track record of delivering on guidance are currently well understood by investors.” Steven Madden Ltd. closed on Friday at $50.67.