Sterne Agee Downgrades Steven Madden (SHOO) to Neutral

Sterne Agee downgraded Steven Madden (NASDAQ: SHOO) from Buy to Neutral after eclipsing their prior $51 price target.

Analyst Sam Poser notes while current trends continue to be robust and management is making all the right moves, the upside is already well understood by the Street.

Poser notes shares are trading at ~15X our 2014 EPS estimate of $3.43, versus a five year average out-year PE multiple is 13.3X.

For an analyst ratings summary and ratings history on Steven Madden click here. For more ratings news on Steven Madden click here.

Shares of Steven Madden closed at $50.67 yesterday.

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