Stifel keeps Hold rating on Wolverine World Wide, lowers price target to $12

Stifel analyst www.tipranks.com/analysts/jim-duffy’ target= ‘_blank’; rel=’nofollow’>Jim Duffy lowered the firm’s price target on Wolverine World Wide to $12 from $14 and keeps a Hold rating on the shares. New plans to monetize the Keds and Wolverine Leathers brand through a sale or licensing arrangement come alongside an announced workforce reduction that will reportedly save $65M in 2023, the analyst notes. Cost savings targets align with Q3 earnings call commentary related to the new Profit Improvement Office, he adds. In total, Duffy estimates Keds and WL generate about $100M annual revenue with minimal profit contribution, with capacity to fetch modest proceeds in a sale.