Stock Track | Wolverine World Wide Plummets 5.14% Pre-Market as Analysts Slash Price Targets

Stock Track11-06

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 downward pressure as financial experts reassessed their outlook on the stock.

Leading the bearish sentiment, Telsey Advisory Group significantly lowered its price target on Wolverine World Wide from $29 to $18, while maintaining a Market Perform rating. This dramatic reduction represents a 37.9% decrease in the firm's valuation of WWW. Similarly, UBS cut its price target to $28 from $39, although it retained a Buy rating on the stock. Stifel also joined the trend, reducing its target from $36 to $25.

These price target reductions reflect growing concerns about Wolverine World Wide's future performance and valuation. While the average analyst rating remains overweight with a mean price target of $24.33, according to FactSet, the recent adjustments suggest a more cautious stance from Wall Street. Investors appear to be reacting to these revised outlooks, driving the stock's pre-market decline as they reassess their positions in light of the lowered expectations.

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