Wolverine World Wide downgraded to Sell at Williams Trading after estimate cuts

As previously reported, Williams Trading analyst Sam Poser downgraded Wolverine World Wide to Sell from Hold with a price target of $7, down from $8. The firm is cutting its estimates to reflect the lowered FY23 guidance and what it sees as the likelihood of “much weaker than expected FY24 revenue.” Wolverine said it plans to deliver $215M in annualized savings by the end of FY24, which “is promising,” but in order to create an efficient pull model, the company must sacrifice short term growth for the long term health of its brands and “it’s rare that any company cuts itself to success,” the analyst tells investors.