Wolverine World Wide downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Wolverine World Wide (WWW) to Neutral from Overweight with a price target of $16, down from $22. The firm believes the shares could “stay in the penalty box” on concerns of “another shoe to drop.” Piper sees modest door growth for Merrell and says the Wolverine and Sweaty Betty brands remain challenged. In addition, unlike peers, the bulk of Wolverine’s tariff pressure lies ahead, the analyst tells investors in a research note.