Wolverine World Wide initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of Wolverine World Wide with a Sector Weight rating and no price target. The analyst says the company has made strides quickly to restructure the business, including divestitures, debt paydown, inventory reduction, and a redesign of the internal organization, providing cost savings to the business. While optimistic on the corporate strategy review, the firm believes near-term headwinds will continue to pressure the business over the next year. It awaits signs of a return to growth and margin expansion before becoming more constructive on the name.