DA Davidson Upgrades Wolverine World Wide (WWW) to Buy; Acquisition Creates Compelling Long-term Vision, Accretion Potential

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DA Davidson upgraded Wolverine World Wide (NYSE: WWW) from Neutral to Buy, price target raised from $42 to $50.

Analyst, Andrew Burns, said, "We view the PLG (Sperry, Stride Rite, Saucony, and Keds brands (collectively known as PLG)) acquisition favorably and expect WWW will deliver on its accretion targets and vision of the long-term growth and margin opportunity for the combined business. As such, we believe current valuation undervalues the earnings power of the combined company and we see potential for share price appreciation with strong execution."

"Our 2013 revenue and pro forma EPS estimate (excluding integration costs) are now $2.770 billion and $3.32. As we outline in this report (page 5), we believe 2014 EPS can surpass $4.00 a share."

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 $40.10 yesterday, with a 52 week range of $30.77-$43.36.

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