UPDATE: Goldman Sachs Initiates Wolverine World Wide at Neutral on Macro Headwinds, No Catalysts

Goldman Sachs initiated coverage on Wolverine World Wide

with a Neutral rating and a $43 price target. Goldman Sachs commented, "We expect investors to continue giving WWW “free passes” in anticipation of a 4Q weather-related recovery and upward revisions to a seemingly conservative PLG accretion outlook. … Our model and understanding of PLG's catalysts suggests that the largest accretion synergies will not materialize until 2014. We are currently modeling $0.50 for 2013, at the high end of management's $0.35-$0.50 guidance and $0.80 for 2014, also at the high end of $0.60-$0.80 guidance. The upside bias, we think, is much greater for 2014 given the timing of synergies (which begin to accrue in late 2013) and management's ability to scale international distribution." Wolverine World Wide closed at $43.69 on Monday.