Steven Madden downgraded to Neutral from Buy at Citi

Citi analyst Paul Lejuez downgraded Steven Madden to Neutral from Buy with a $41 price target ahead of the fiscal Q4 report on February 28. The analyst believes Steven Madden performed well in a tough environment in fiscal 2023. However, looking into 2024, margin headwinds from higher freight, potentially higher promotions and the impact of Almost Famous leave Citi more cautious on earnings upside potential, the analyst tells investors in a research note. With the shares up 25% since early November, the firm believes the risk/reward is more balanced at current levels.