B. Riley Neutral On Wolverine World Wide

In a report published Thursday, B. Riley analyst Mitch Kummet initiated coverage of

with a Neutral rating and a price target of $30. Wolverine's recent growth has fallen short of the 2018 financial plan expectations. The weakness in Merrell women's casual footwear and Sperry women's boat shoes is impacting the company's growth prospects. In the report B. Riley noted that limited visibility and tougher Merrell/Sperry comparisons have resulted in nervousness about the company's 4Q performance. "Longer term growth opportunities are somewhat limited and likely to develop slowly," analyst Mitch Kummet mentioned. The company's stock is trading in-line with recent EV/EBITDA and relative EV/EBITDA levels.