As previously reported, Seaport Global upgraded Wolverine World Wide to Buy from Neutral with a $23 price target, citing five "main factors" following a fireside chat with the company last week. The firm points to Wolverine’s plan to expand operating margin and reduce its debt; good visibility into the components of the margin improvement and debt reduction; the fact that expected EPS growth is based on a margin improvement plan and not a sales growth plan; the view that the company’s relatively-new CEO is "being smarter at managing the business"; and valuation.
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