Bull of the Day: Wolverine World Wide (WWW)

The risk-on sentiment has been virtually non-stop since the Election Day results were announced. The large, looming uncertainty of the next four years has now been laid to rest. With a clear winner, investors could now focus on which industries they believed would benefit most from the incoming administration. What’s been evident early on, is that consumer cyclicals came back to life. It’s helping stocks like today’s Bull of the Day, Wolverine World Wide (WWW). Wolverine World Wide, Inc. designs, manufactures, sources, markets, licenses, and distributes footwear, apparel, and accessories in the United States, Europe, the Middle East, Africa, the Asia Pacific, Canada and Latin America. The company sources and markets a range of footwear and apparel styles, including shoes, boots and sandals under the Bates, Cat, Chaco, Harley-Davidson, Hush Puppies, Hytest, Merrell, Saucony, Sperry, Keds, Sweaty Betty, and Wolverine brands; and licenses under the Stride Rite brand. Wolverine World Wide is coming off a big earnings report where it beat earnings expectations by 8 cents per share. That was the second consecutive quarterly beat for the company. It led to a slew of earnings estimate revisions coming from analysts. Immediately following the news, four analysts increased their estimates for the current year and next year. The bullish moves pushed up our Zacks Consensus Estimate from 85 cents to 89 cents for the current year and up from $1.28 to $1.35 for next year. That’s the reason this stock is currently a Zacks Rank #1 (Strong Buy).That means Wolverine World Wide is on pace to deliver a huge jump in earnings growth compared to last year’s 5-cent number. Next year is forecast to come in at 51.24% growth. That’s on revenue growth forecasts calling for 5.9% growth.Image Source: Zacks Investment ResearchThe stock has been absolutely incredible over the course of the last year. This is a stock that was trading down at $8 to start 2024. The trajectory has been virtually straight up. The 50-day moving average has provided a ton of support. It’s basically acted as a guide for the sock since October 2023. The last touch of this level was heading into its last earnings report, just before the stock blasted off from under $16 to the $21 level it sits at now.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wolverine World Wide, Inc. (WWW): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks