Jefferies Downgrades Steve Madden, Citing Prolonged Wholesale Pressure; Shares Drop 9%
Steve Madden shares fell about 9% on Thursday after Jefferies downgraded the stock to Underperform and cut its price target to $30. The brokerage pointed to persistent strains in the company's wholesale channel - which accounts for roughly 70% of sales - and trimmed its 2026 wholesale revenue and EPS forecasts, warning that earnings momentum could …