Piper Sandler assumed coverage of Wolverine World Wide with an Overweight rating and $18 price target. Wolverine has done “the bulk of heavy lifting” in the last two years repositioning the business with divestitures and sales of assets, model changes, an overhaul of the supply chain and new talent across the organization, the analyst tells investors. The analyst thinks the algorithm of mid-single digit sales growth, EBIT margin recapture and free cash flow deployment towards debt repayment and share repurchases driving 20% EPS growth is “underappreciated,” the firm added.
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