Stifel lowered the firm’s price target on Wolverine World Wide to $9 from $11 and keeps a Hold rating on the shares. A sharply lowered Q4 outlook brings FY23 revenue guidance down by $72M and adjusted EPS down by 43c at the midpoint, noted the analyst. Soft macro conditions, promotional conditions, and excess gray market goods are causing slower than anticipated selling trends, which the firm expects to continue well into FY24, leading it to cut FY24 estimates “sharply.”
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