Steven Madden downgraded to Underperform from Hold at Jefferies

Jefferies downgraded Steven Madden (SHOO) to Underperform from Hold with a price target of $30, down from $37. The firm sees “mounting and persistent” wholesale pressures for Steven Madden, which represents 70% of the company’s sales. These pressures are not adequately reflected in consensus estimates, the analyst tells investors in a research note. Jefferies thinks Steven Madden’s double-digit price increases have increasingly met resistance from large wholesale partners.