Shares of Wolverine World Wide (WWW) plunged 5.14% in pre-market trading on Thursday, following a series of price target cuts by multiple analysts. The footwear and apparel company faced significant downward pressure as financial institutions reassessed their outlook on the stock.
Leading the adjustments, UBS lowered its price target on Wolverine World Wide to $28 from $39, although it maintained a Buy rating on the shares. Stifel followed suit, reducing its target price to $25 from $36. The most severe cut came from Telsey Advisory Group, which slashed its price target to $18 from $29, while maintaining a Market Perform rating on the stock.
Despite the price target reductions, the overall sentiment on Wolverine World Wide remains cautiously optimistic. According to analysts polled by FactSet, the company still holds an average rating of overweight with a mean price target of $24.33. However, the significant downward revisions have clearly shaken investor confidence, leading to the sharp pre-market decline. As the market digests these new valuations, investors will be closely watching Wolverine World Wide's performance and any potential company responses to these analyst actions.
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