Wolverine World Wide upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc upgraded Wolverine World Wide to Overweight from Sector Weight with a $20 price target. The analyst thinks the better than expected results serve as another proof point of Wolverine’s pathway to growth. The company reported results above guidance and increased the midpoint of fiscal 2024 revenue and earnings guide, the analyst tells investors in a research note. The firm says Wolverine noted broad-based contributions across portfolio, meaningful gross margin expansion, and streamlined cost structure in the quarter. KeyBanc thinks the quick actions taken by management “have set the foundation to return to growth” in Q4.