Wedbush Raises Price Target on Wolverine World Wide (WWW) After Meeting with Management

Wedbush reiterated an Outperform rating on Wolverine World Wide (NYSE: WWW), and raised the price target to $30.00 (from $25.00), after meeting with management at Outdoor Retailer.

Analyst Christopher Svezia commented, "We recently met with the WWW management at Outdoor Retailer and walked away feeling more confident in the story. Recall that not long ago WWW provided further details regarding its previously announced goal of achieving 12% operating margin in FY18 (vs. ~8.5% in FY16) on generally stagnate revenue. More importantly, we firmly believe that several of WWW’s largest brands have the potential to return to growth in FY17 to help mitigate pressure from planned divestitures and store closings. We reiterate our OUTPERFORM view and increase our price target to $30 from $25 as we roll out FY18 estimates."

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 $21.58 yesterday.

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