Stifel Nicolaus Reiterates Buy, $47 OT on Wolverine World Wide, Takes Cautious View on 2H12

Stifel Nicolaus maintains its Buy rating and $47 price target on Wolverine World Wide

but decreases estimates for 2H12 ahead of Q2 earnings on July 10. Stifel Nicolaus notes, "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." WWW closed at $38.27 on Tuesday.