UPDATE: Sterne Agee Raises PT on Wolverine World Wide on Adjusted Estimates

In a report published on Wednesday, Sterne Agee analyst Sam Poser raised the price target on Wolverine World Wide (NYSE: WWW) from $36 to $43 and maintained an Underperform rating.

In the report, Sterne Agee stated, "The current EBITDA multiple of 12.5X our '14 estimates is far to rich given the weak Merrell business and the impending weakness in the Sperry business. The current Sperry business is strong but based on our channel checks, we expect a deceleration in late 2H13 and into 2014. Keds and Saucony are doing well, but are not large enough to move the needle. Raising FY13 EPS estimate from $2.54 to $2.70, and maintaining FY14 EPS estimate of $3.03. Reiterate Underperform and raising PT from $36 to $43."

Wolverine World Wide closed on Tuesday at $57.38.