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Investing.com - UBS raised its price target on Wolverine World Wide (NYSE:WWW) to $39.00 from $36.00 on Monday, maintaining a Buy rating on the footwear company’s stock. The new target aligns with the broader analyst consensus, with price targets ranging from $29 to $41. InvestingPro data shows the stock has delivered an impressive 66% return over the past year.
The research firm indicated that Wolverine World Wide likely had a strong third quarter, primarily driven by momentum in its Saucony brand and solid performance trends in the Merrell line.
UBS forecasts that the company will exceed third-quarter earnings expectations by approximately 3 cents per share and anticipates Wolverine will provide fourth-quarter guidance that aligns with current market expectations.
The firm believes these results could drive modest upward revisions to Wall Street’s fiscal year 2025 estimates for the company, potentially improving market sentiment which UBS currently views as leaning bearish.
Options market data suggests investors are pricing in a potential 11.7% share price movement following the earnings announcement, compared to the stock’s historical average move of 7.9% around quarterly reports.
In other recent news, Wolverine World Wide has made several noteworthy developments. The company reported an upgrade in its credit ratings by Moody’s, which highlighted significant progress in Wolverine’s turnaround efforts, leading to better operating income and credit metrics. Additionally, S&P Global Ratings raised the company’s $600 million revolver rating to ’BB-’ from ’B+’, citing a reduced amount of secured debt. However, Williams Trading downgraded Wolverine World Wide from Buy to Hold, adjusting its price target to $27.00 due to concerns over Saucony’s slowing sales growth in the coming years. In contrast, Stifel raised its price target for Wolverine World Wide to $36.00, maintaining a Buy rating, based on optimistic revenue growth estimates for the Active segment. Beyond financial ratings and analyst opinions, Wolverine World Wide has introduced its first Junior Board to foster emerging talent within the company. This board consists of 11 early-career professionals who will regularly engage with the executive team to provide fresh perspectives. These developments reflect Wolverine’s ongoing strategic and financial adjustments.
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