UPDATE: Sterne Agee CRT Upgrades Wolverine World Wide (WWW) to Neutral

(Updated - January 5, 2016 8:59 AM EST)

Sterne Agee CRT upgraded Wolverine World Wide (NYSE: WWW) from Underperform to Neutral. Analyst Sam Poser said the story has played out and he does not see material downside in the stock.

"The upgrade to Neutral reflects our belief that the problems facing WWW are built into the stock price. We do not believe that WWW will fix its product issues with the Merrell and Sperry brands in the near future. We are lowering our FY15/16/17 EPS estimates from $1.42/$1.47/$1.61 to $1.37/$1.38/$1.56. The current stock price reflects PE & EBITDA multiples of 11.6X & 7.9X our FY16 estimates (below historical multiples). We believe the current valuation is fair given the trajectory of sales and earnings and the increasing likelihood that WWW management may guide FY16 EPS to flat with FY15," said the analyst.

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 $16.59 yesterday.

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