UPDATE: Jefferies Upgrades Wolverine World Wide; Raises PT

According to a research report published this morning, Jefferies has upgraded Wolverine World Wide WWW from Hold to Buy, and increased PT from $37 to $49. In the report, Jefferies said, "We see WWW's acquisition as a game-changer that instantly increases revenues by 70%. 2013 EPS accretion guidance of +12% appears modest but, in our opinion, adequately conservative. We expect the story to ultimately resemble VFC/Timberland, GCO/Schuh and PVH/Tommy, recent deals whose acquiring stocks are up 45%+ since their respective announcements." Wolverine World Wide closed yesterday at $40.10.