Steve Madden, Ltd. continues to be a leader in the footwear industry — the brand was named Footwear News’ company of the year in 2017 — but its valuation is exceeding guidance, according to Wedbush. 

Wedbush analyst Christopher Svezia downgraded Steve Madden from Outperform to Neutral and raised the price target from $51 to $55.

With shares trading at 20 times fiscal 2018 estimates, Svezia said he’s moving to the sidelines on Steve Madden due to valuation…. CLICK for the complete article