Wolverine World Wide's (WWW) "turnaround playbook is working," partly on boosts from the Saucony and Merrell shoe brands that helped the company beat Q1 estimates, UBS Securities said Thursday in a report.
The company's investments in the active footwear segment "should drive sustainable sales and EPS growth," UBS said.
A focus on offering products at full prices and mitigation strategies "should drive stronger profitability" despite potential tariff risks, the report said.
Fiscal Q1 results "showcased several positives," including 30% sales growth in the Saucony brand and 13% revenue growth in Merrell, UBS said. "On margins, we see full-price selling as a key driver."
UBS raised its price target on Wolverine World Wide stock to $22 from $18 and maintained its buy rating.
Wolverine's stock fell 4.8% in recent Friday trading.
Price: 15.53, Change: -0.79, Percent Change: -4.84
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