Wolverine World Wide downgraded to Hold from Buy at Williams Trading

Williams Trading analyst Sam Poser downgraded Wolverine World Wide to Hold from Buy with a price target of $12, down from $23, following the fiscal 2023 guidance cut. The analyst has “little confidence” that Wolverine will achieve the planned 12% operating margin in fiscal 2023, given the current weakness in its wholesale and direct-to-consumer segments.