Piper Sandler analyst Abbie Zvejnieks lowered the firm’s price target on Wolverine World Wide to $13 from $17 and keeps a Neutral rating on the shares post the Q2 report. Fiscal 2023 should be a “foundation building year” to position Wolverine favorably for 2024, but investors “will have healthy skepticism,” the analyst tells investors in a research note. The firm understands the “well telegraphed” pressures in U.S. wholesale, but is less confident in the underlying demand trends for the brands.
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