Wolverine World Wide: Good Q2 Sales Outlook Isn't Enough

  • Wolverine World Wide should show great sales momentum in Q2. Merrell and Saucony have continued to gain brand relevance. Tariff uncertainty continues to add margin pressure especially over the short term. Wolverine's tariff mitigation efforts still stand on uncertain ground with a rapidly evolving tariff landscape. An expensive valuation makes WWW unattractive. I estimate 26% downside to $17.4.