Jefferies Initiates Hold Rating And $29 PT On Wolverine World Wide

Jefferies & Company said today that it likes Wolverine World Wide's WWW long-term story but await a better entry point as strong sales momentum is offset by rising costs and the anniversary of peak gross and operating margins. “Retail, apparel, and international growth is margin accretive but unlikely enough of an offset in 2011,” Jefferies writes. “[We are] initiating coverage with a Hold rating and a $29 price target.” Wolverine World Wide currently trades at $29.54.