Wedbush Starts Wolverine World Wide (WWW) at Outperform
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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."
Shares of Wolverine World Wide closed at $21.11 yesterday.
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