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Wolverine shares hit 12-month high
A day after posting third-quarter results and boosting its guidance for the year, shares of Wolverine World Wide (NYSE: WWW), whose brands include Merrell and Patagonia Footwear, hit a 12-month high on Oct. 8.
Sterne Agee analyst Sam Poser raised his rating on the company to “buy” from “neutral,” saying its sales may have bottomed and its outlook on margins is improving. He also set a $31 price target on the stock.
Wolverine shares rose as much as $1.90, reaching a high of $28.31, then closing at $27.82 on a volume of 1.052 million. Wolverine’s 52-week range is $13.15 to $28.31.
Poser wrote in a client note that revenue is still “a struggle,” but lower prices on supplies, strong cost controls and inventory management leave the company in a good position to reap the profits once orders pick up. He also increased his 2010 profit estimate to $2.05 per share from $1.91 per share.
–Compiled by Wendy Geister
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