Wolverine World Wide upgraded to Outperform from Neutral at Baird

Baird upgraded Wolverine World Wide (WWW) to Outperform from Neutral with an unchanged price target of $15. The stock’s risk/reward following the recent pullback is “much improved,” the analyst tells investors in a research note. The firm says Wolverine shares are 55% from their peak despite limited China-to-U.S. sourcing and “conservative” embedded 2025 assumptions both for Saucony growth and consolidated gross margin. Baird is optimistic that tariffs may only pose limited risk to earnings, and believes Saucony’s “brand resurgence provides cushion.”