Stifel analyst Jim Duffy raised the firm’s price target on Wolverine World Wide to $11 from $9 and keeps a Hold rating on the shares. The firm notes the company’s Q1 adjusted revenue/EPS of $390.8M/5c topped Stifel’s $360.3M/2c estimates, while FY24 adjusted revenue guidance was lowered. Stifel also pointed out that ongoing cleanup initiatives and one-time comparisons weigh on revenue visibility as the business seeks a lower, but healthier baseline from which to grow. While year-over-year declines are striking, this is consistent with the plan and over-delivery to guidance in Q1 is encouraging, the firm adds.
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