UBS upgrades Wolverine to Buy on expected growth acceleration

UBS upgraded Wolverine World Wide to Buy from Neutral with a price target of $20, up from $13. The analyst has increased conviction Wolverine’s sales growth rate should accelerate, saying the company has streamlined its portfolio and reallocated more resources into its active segment. A positive “rate-of-change” narrative should drive market sentiment, the analyst tells investors in a research note. The firm also sees upside to consensus fiscal 2024 and 2025 consensus estimates. The stock is underappreciating this growth potential and offers 54% upside potential, contends UBS.