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Wolverine World Wide (WWW) Q4 Beat "Low Quality"

February 20, 2013 11:55 AM EST Send to a Friend
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Price: $24.62 --0%

Rating Summary:
    6 Buy, 10 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 15 | New: 28
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Goldman Sachs today maintained a Neutral rating on Wolverine World Wide (NYSE: WWW) and trimmed its price target to $40.00 (from $43.00). The company reported Q4 earnings after the bell yesterday, topping views on the bottom line with weak guidance. Analysts believe the earnings were "low quality".

Commenting on the results, analyst Taposh Bari said, "We qualify the beat as low-quality, as a low tax rate and SG&A leverage more than offset a sales and gross margin miss."

"We see 2013 as a transition year as investors digest an increasingly complex business. We look for a combination of (1) lower valuation, (2) legacy gross profit stability, and (3) PLG upside (likely a 2014 event) to become more constructive," concluded the analyst.

For an analyst ratings summary and ratings history on Wolverine World Wide (NYSE: WWW) click here. For more ratings news on Wolverine World Wide click here.

Shares of Wolverine World Wide closed at $45.02 yesterday.




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