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June 20, 2019, 11:01 a.m. EDT

Wolverine price target trimmed as Sperry boat shoes fall out of fashion

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By Tonya Garcia

Wedbush analysts trimmed the price target for Wolverine World Wide Inc. /zigman2/quotes/209231729/composite WWW +2.55% to $35 from $38 based on the decline in popularity of Sperry's iconic boat shoes. Sperry, Saucony and Keds are among the brands in the Wolverine portfolio. "After our recent meetings with the president of Sperry and the CFO, and follow up conversations with the company, it seems as if demand for boat shoes may have been more tepid," Wedbush wrote. "While largely expected down double-digits, Sperry boat shoes saw deeper pressure in May while stronger selling Saltwater Duck boots are expected in 3Q." Saltwater boots are another Sperry style that have reached instantly-recognizable status. Wedbush maintained its outperform rating. "Management remains confident in the sales and margin outlook for 2H19 given on hand orders (in some cases in excess of the planned revenue growth) for Sperry boots and new Merrell product introductions, e-commerce growth (+20%), and gains from Saucony Italy." Wolverine's stock has fallen 15.3% in 2019 while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.06% has gained 17.6%

/zigman2/quotes/209231729/composite
US : U.S.: NYSE
$ 23.73
+0.59 +2.55%
Volume: 482,869
Aug. 7, 2020 4:00p
P/E Ratio
34.33
Dividend Yield
1.69%
Market Cap
$1.93 billion
Rev. per Employee
$605,189
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/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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