Stifel Nicolaus Reiterates Buy, $47 OT on Wolverine World Wide, Takes Cautious View on 2H12
Stifel Nicolaus maintained its Buy rating and $47 price target on Wolverine World Wide (NYSE: WWW) but decreased its estimates for 2H12 ahead of Q2 earnings on July 10.
In the report, Stifel Nicolaus noted, "We remain comfortable with 2Q estimates ($310.5mn and $0.44 vs. consensus of $314.5mn and $0.44). We have a more cautious view on earnings power in 2H12. FY12 base business estimates go from $2.72 to $2.70 based on belief that retailers' conservative posture on inventory, particularly in Europe, could weigh on volumes in 3Q. The PLG acquisition holds potential to be dilutive to FY12 vs. guidance for minimal impact dependent on timing of the transaction close."
Wolverine World Wide closed at $38.27 on Tuesday.
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