UPDATE: D.A. Davidson Lowers Price Target On Wolverine World Wide As Growth Investments Curtail 2015 Earnings Growth Guidance

In a report published Tuesday, D.A. Davidson analyst Andrew Burns reiterated a Buy rating on

, but lowered the price target from $35.00 to $32.00. In the report, D.A. Davidson noted, “4Q revenue upside, EPS hits high end of range. Ahead of the company's ICR XChange presentation on Tuesday, January 13th at 10:30 AM ET, WWW provided preliminary 2014 results and 2015 guidance. Management now expects 4Q revenue of $808 million (+9.1% y/y) and EPS at the high end of the previous range of $0.25-$0.31. This compares to consensus estimates of $790.2 million and $0.28, and our estimates of $793.2 million and $0.30. Full year revenue and adjusted EPS is now expected to be approximately $2.760 billion (+2.6% y/y) and at the high-end of the $1.57-$1.63 range. Of note, 9 of the company's 16 brands are expected to deliver double-digit revenue growth in 4Q, with Sperry growing high-single digits. Debt is expected to be reduced approximately $250 million in 2014, including $175 million of voluntary principle payments in 4Q.” Wolverine World Wide closed on Monday at $29.63.