UPDATE: Credit Suisse Downgrades Wolverine World Wide to Neutral on Solid 1Q Results
In a report published Friday, Credit Suisse analyst Christian Buss downgraded the rating on Wolverine World Wide (NYSE: WWW) from Outperform to Neutral, but slightly raised the price target from $49.00 to $50.00.
In the report, Buss noted, “WWW delivered solid 1Q results ($0.82 vs. consensus of $0.55), driven in part by one-time factors, as legacy WWW returned to topline growth, PLG's momentum continued, and SG&A discipline helped flow-through. However, as shares are up 20% from recent lows, and the P/E multiple has expanded to close to 17x from 12x (pre-PLG acquisition), we believe that growth potential from the core business and accretion from the acquisition are now adequately reflected in shares.”
Wolverine World Wide closed on Thursday at $45.38.
Latest Ratings for WWW
|Nov 2016||Wedbush||Initiates Coverage On||Outperform|
|Aug 2016||B. Riley||Maintains||Neutral|
|Aug 2016||Susquehanna||Initiates Coverage on||Negative|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.