Wolverine World Wide price target raised to $13 from $11 at UBS

UBS raised the firm’s price target on Wolverine World Wide to $13 from $11 and keeps a Neutral rating on the shares. Wolverine World Wide’s Q1 report underscores progress in the company’s turnaround, but FY24 sales guidance still appears back-half weighed at a time when the consumer spending environment remains lackluster, the analyst tells investors in a research note. The firm doubts Wolverine’s normalized low single digit growth rate will be strong enough to drive meaningful P/E expansion.