NEW YORK (TheStreet) -- Steve Madden (SHOO) shares are flat in pre-market trading on Wednesday after the private label shoe retailer was downgraded to "neutral" from "buy" by analysts at Goldman Sachs today.
The firm also set a 12 month price target of $31 on the company's shares, a potential 4.7% downside from the stock's previous closing price of $32.53.
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Analysts at the firm believe that the company is experiencing weaker fashion trends and that the shoe's brand is becoming less popular when compared with its high end peers.
The company released its third quarter results in October, reporting declines in net income and revenue from the same period the previous year.
TheStreet Ratings team rates MADDEN STEVEN LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MADDEN STEVEN LTD (SHOO) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."