Wolverine World Wide price target lowered to $11 from $18 at Stifel

Stifel analyst Jim Duffy lowered the firm’s price target on Wolverine World Wide to $11 from $18 and keeps a Hold rating on the shares. The company recently reported Q2 results, which notably included a “sharply lower” FY23 outlook, the analyst tells investors. The degree of difficulty on the turnaround has increased, which was further complicated by sharp DTC declines, Stifel says. The firm is looking for evidence of inflection in revenue trends before making a valuation call on the shares.