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Wolverine World Wide (WWW) Stock Downgraded at Sterne Agee CRT

NEW YORK (TheStreet) -- Sterne Agee CRT downgraded Wolverine World Wide (WWW - Get Report) to "underperform" from "neutral" on Wednesday, setting a price target of $16 for the footwear company.

The analyst firm lowered its 2015 EPS estimates for Wolverine World Wide to $1.42 a share from its previous estimate of $1.46 a share. Sterne Agee CRT also lowered its 2016 and 2017 EPS estimates for the company to $1.47 and $1.61 a share from $1.67 and $1.84 a share, respectively.

Sterne Agee CRT analysts said the downgrade and lower EPS estimates are due to the company's weak domestic businesses, FX headwinds, a lack of compelling products across many of its brands, and elevated inventories.

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"With the combination of cautious retailers, who appear to be reacting to the soft business, and WWW's history of providing overly optimistic guidance, we would not be surprised if even our revised estimates prove to be too aggressive," Sterne Agee...


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