On Thursday, Wolverine World Wide (NYSE: WWW ) received an updated assessment from Williams Trading, which shifted its rating from Sell to Hold. The firm also increased its price target for the company's shares to $11.00, up from the previous $7.
50. The revision comes ahead of the company's first-quarter earnings report for 2024, which is scheduled to be released before the market opens on Wednesday, May 8th. The upgrade is attributed to a more positive outlook on Wolverine's Saucony brand, with sales now anticipated to decline approximately 15% for the year, an improvement from the earlier forecast of a 22% drop.
This adjustment is based on recent proprietary checks that have led to a more constructive view of the business. Despite this, the company's guidance still predicts a revenue decrease in the mid-30% range for the first quarter and in the low-20% range for the full year of 2024. Saucony's performance has been bolstered by the success of its high-end running shoes, the Endorphin Elite and Endorphin Pro 4, which are seeing strong sales in specialty running stores.
Additionally, the retro Grid Pro Grid Omni 9 and other vintage styles are gaining traction within fashion and athletic fashion retailers. The increased interest in these retro products has prompted more orders for the fall of 2024, suggesting that Saucony's annual sales could outperform current company guidance. Despite the positive developments with the Saucony brand, Williams Trading maintains a cautious st.
