KeyBanc Downgrades Wolverine World Wide (WWW) to Hold

KeyBanc downgraded Wolverine World Wide (NYSE: WWW) from Buy to Hold. The downgrade relates to valuation.

"We believe current valuation levels limit upside, effectively reflecting much of the potential earnings upside that could play out over the coming periods," said analyst Edward Yruma.

"The growth trend at Sperry (boat shoes) appears to remain intact; to the extent that growth continues at a robust clip (i.e., mid-teens DTC comp), this piece of the business could continue to defy expectations. The Keds piece of the PLG business could also be an upward earnings lever moving forward. There are mixed signals with respect to a turnaround in the Merrell business," he added.

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 $57.38 yesterday.

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