Piper Jaffray analyst Erinn Murphy downgraded Steven Madden (SHOO) to Neutral from Overweight and lowered her price target for the shares to $32 from $38. The company produces a large amount of its goods in China, Murphy tells investors in a research note. The analyst reduced her estimates based on the existing tariffs in place, which she sees impacting Steven Madden's second half earnings. The company's exposure to China and the recently proposed tariffs to the apparel/footwear categories will weigh on its multiple, says Murphy. The analyst also downgraded G-III Apparel (GIII) this morning for a similar rationale.