Steven Madden downgraded to Hold from Buy at Jefferies

Jefferies downgraded Steven Madden to Hold from Buy with an unchanged price target of $40. While specialty apparel and footwear retailers performing nicely in 2023, shared upside is limited in 2024, the analyst tells investors in a research note. The firm believes the combination of a more price-sensitive consumer and exposure to wholesale channels could pose risks to financial performance over the next 6-12 months.