Stifel analyst Jim Duffy lowered the price target on Wolverine World Wide (NYSE: WWW) to $27.00 (from $29.00) while maintaining a Buy rating.

The analyst comments "FY4Q execution was strong though the FY25 outlook disappointed relative to expectations impeded by FX and lower topline growth forecast. Indicators of fundamental health, however, are encouraging including Merrell growth (following inflection in FY3Q24), Saucony strength supported by both performance run and lifestyle, and strong balance sheet management (inventories -36% y/y, FCF $160mn in FY24, net leverage to 2.8x). Given tangible drivers, we view initial 2025 guidance as conservative. We see Saucony as a likely source of upside as the year unfolds supported by both performance share gains and lifestyle penetration. Importantly, commentary suggests topline upside to guidance can bring flow-through to profitability. EPS estimates come in by approximately 11% in both FY25 and FY26 but we are comfortable positioned modestly ahead of guidance (FY25 EPS $1.23 vs. guidance for $1.05 to $1.20). We see estimates positioned for over-delivery and reiterate our BUY rating."