Williams Trading last night downgraded Steven Madden to Hold from Buy with an unchanged price target of $44. The analyst cites valuation for the downgrade and trimmed the company’s earnings estimates. Upcoming gross margin headwinds, a direct-to-consumer business that has yet to have the necessary reach, and a lack of visibility have led to the downgrade, the analyst tells investors in a research note. The firm is concerned Steven Madden’s direct-to-consumer business does not have the necessary scale to take the stock beyond its current level.
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