These Analysts Cut Their Forecasts On Wolverine World Wide After Q2 Results

Wolverine World Wide, Inc. WWW reported in-line earnings for the second quarter, but lowered FY23 guidance.

The company posted second-quarter revenues of $589.10 million, beating the analyst consensus of $579.97 million. Revenues declined 17.4% year over year. The footwear, apparel, and accessories firm reported adjusted EPS of $0.19 was in line with the street view.

Wolverine World Wide slashed FY23 revenue from ongoing business outlook from $2.53 billion-$2.58 billion to $2.26 billion-$2.28 billion, against the consensus of $2.51 billion. The company lowered FY23 adjusted EPS outlook from $1.40-$1.60 to $0.45-$0.55, against the consensus of $1.42.

Wolverine World Wide appointed Christopher E. Hufnagel as President, Chief Executive Officer, and a member of the Board of Directors, effective immediately.

Wolverine Worldwide shares fell 25.7% to close at $8.77 on Thursday.

These analysts made changes to their price targets on Wolverine World Wide following earnings announcement.

• Telsey Advisory Group cut the price target on Wolverine World Wide from $18 to $10. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• William Blair lowered the price target on Wolverine World Wide from $23 to $12. William Blair analyst Sam Poser downgraded the stock from Buy to Hold.
• Stifel slashed Wolverine World Wide price target from $18 to $11. Stifel analyst Jim Duffy maintained a Hold rating.
• Seaport Global analyst Mitch Kummetz downgraded Wolverine World Wide from Buy to Neutral.

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