Wedbush Starts Wolverine World Wide (WWW) at Outperform

November 2, 2016 7:32 AM EDT
Get Alerts WWW Hot Sheet
Price: $23.27 +1.53%

Rating Summary:
    6 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wedbush initiates coverage on Wolverine World Wide (NYSE: WWW) with a Outperform rating and a price target of $25.00.

Analyst Christopher Svezia commented, "We are initiating coverage of Wolverine World Wide (WWW) with an OUTPERFORM rating and $25 PT or 15.5x P/E. We believe most of the bad news is known and largely priced in at current levels and although we might be a bit early on the fundamental turn (though beginning to hear positive feedback from retailers), the margin drivers and balance sheet offer support ($300 million buyback or ~15% of the market cap). While we recognize management has not delivered in the past, our sense is that there is a real urgency to improve performance. On flattish sales through 2018, we see real operating margin opportunity toward achieving ~$2.00 in EPS vs. $1.35 today."

For an analyst ratings summary and ratings history on Wolverine World Wide click here. For more ratings news on Wolverine World Wide click here.

Shares of Wolverine World Wide closed at $21.11 yesterday.

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