UPDATE: Jefferies Raising Price Target On Wolverine World Wide (WWW)

Jefferies & Co. is raising its price target on shares of Wolverine World Wide WWW to $40 from $35, and it has a Hold rating on shares after it reported earnings. In a note to investors, Jefferies writes, "Despite WWW's breadth, we see 3 potential 'needle movers' emerging: 1) Merrell (see above), 2) international, and 3) balance sheet. On international, we see a LT opportunity to take over unowned distribution/licensees and operate directly in emerging markets. A recent org change (new International Group) signals management's desire to further bolster the international business. Finally, it's clear that the company has the capacity, tolerance and adequate risk profile to take on more debt. This scenario is most likely in the case of an acquisition but does present untapped equity value." Shares of WWW are up $1.29 in Tuesday trading on $38.88, a gain of 3.4% on 840,000 shares.