UPDATE: Wunderlich Securities Downgrades Wolverine World Wide to Hold, Lowers PT on Short-Term Pain, Long-Term Gain

In a report published Tuesday, Wunderlich Securities analyst Danielle McCoy downgraded the rating on

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.