UPDATE: D.A. Davidson Upgrades Wolverine World Wide As Weather Helps Q4

In a report published Friday, D.A. Davidson analyst Andrew Burns upgraded the rating on Wolverine World Wide, Inc. (NYSE: WWW) from Neutral to Buy, and raised the price target from $29.00 to $35.00.

In the report, D.A. Davidson noted, “2014 has been a tough year for WWW. Lackluster topline momentum has weighed on stock performance, and investor concerns around the long-term growth potential of top brands (Sperry, Merrell, stride rite) are high. As we enter 4Q, achieving guidance calling for 7% year-over-year (y/y) growth would represent the strongest growth quarter of the year, providing solid momentum into 2015. Broad-based cold weather, prior to Thanksgiving, is favorable for boot sales and positions 4Q revenue guidance as attainable. As we move into 2015, headwinds that include Sperry distribution changes and the exit of the Patagonia license cease, and go-forward headwinds, such as the stride rite store closures, have been quantified. We see potential for improved fundamentals in 2015.”

Wolverine World Wide closed on Thursday at $28.54.