UPDATE: Stifel Nicolaus Raises PT to $47 on Wolverine World Wide; PLG Segment Acquisition

Stifel Nicolaus raises its price target from $44 to $47 on Buy-rated Wolverine World Wide

, as the PLG acquisition is seen as strategic and a financial fit for the company. Stifel Nicolaus says, "We expect FY13 accretion assumptions will prove conservative and see opportunity for strategic synergies to create incremental value for multiple years. Chief among these opportunities are 1) leveraging WWW sourcing expertise and enhanced scale to improve gross margin, 2) identification of ongoing operating cost synergies to help bring PLG operating margin from mid/high single digit to WWW's margin of 12%, and 3) leveraging channel relationships including the global network of 100 distributors doing business in 190 countries to increase PLG's international reach." WWW closed at $40.10 on Tuesday.