Jefferies Upgrades Wolverine World Wide (WWW) to Buy Citing Game-Changing Deal

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Jefferies upgraded Wolverine World Wide (NYSE: WWW) from Hold to Buy with a price target of $49 (up from $37).

The firm comments, "We see WWW's acquisition as a game-changer that instantly increases revenues by 70%. 2013 EPS accretion guidance of +12% appears modest but, in our opinion, adequately conservative. We expect the story to ultimately resemble VFC/Timberland, GCO/Schuh and PVH/Tommy, recent deals whose acquiring stocks are up 45%+ since their respective announcements."

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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