Wolverine World Wide upgraded at Seaport on Saucony momentum, boot bottoming

As previously reported, Seaport Research upgraded Wolverine World Wide to Buy from Neutral with a $15 price target ahead of the company reporting Q1 results on Wednesday, May 8. Wolverine’s FY24 setup “doesn’t look particularly compelling” on the surface, but the firm’s upgrade isn’t predicated on Wolverine World Wide’s FY24, the analyst tells investors. Instead, the firm is “encouraged by what’s happening below the surface,” and particularly encouraged that momentum is building for Saucony and optimistic that the hiking boot segment is nearing a bottom, which “bodes well for FY25 and beyond,” the analyst tells investors.