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Steven Madden (NASDAQ:SHOO) was downgraded to neutral on Wednesday from a previous investment rating of buy by analysts at Citigroup. They cited a cautious approach to the earnings upside potential for the company looking to F24 due to margin headwinds from higher freight and potentially higher promotions in retail, among other things.
Citigroup has set a price target of $41 for SHOO.
Ahead of its fourth quarter results, Citi expects a slight beat of $0.59 vs. the consensus estimate of $0.57.
Citi said it expects SHOO's management to guide F24 EPS conservatively. It estimates a guidance range of $2.40–2.50 vs. a consensus estimate of $2.74.
Shares of the company were down as much as 5.7%; Stock is down 4.4% YTD.