In a report published Tuesday, Wunderlich Securities analyst Danielle McCoy downgraded the rating on Wolverine World Wide WWW from Buy to Hold, and lowered the price target from $32.00 to $28.00.
In the report, Wunderlich Securities noted, “We are changing our rating to Hold from Buy, reducing our price target to $28 from $32, lowering our FY15 EPS estimate, and rolling out our FY16 EPS projection for Wolverine (WWW). We believe WWW is making the necessary changes and investments to the business to support long-term global growth, but expect it to be range-bound for the next 12-18 months as FX headwinds, strategic realignments, and increased pension expense and investments weigh on overall results. Our revised target of $28 translates to 15.5x our 2016 EPS projection, which we view as appropriate for a company working (and spending) to re-position the business. While we remain believers in the WWW story, we believe there are more attractive investment opportunities and prefer to move to the sidelines with a Hold rating.”
Wolverine World Wide closed on Monday at $29.63.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in