(Reuters) - U.S. footwear manufacturer Wolverine World Wide Inc (WWW.N) shares could soar following its acquisition of parts of Collective Brands Inc PSS.N, according to a report in Barron‘s.
Charles Kantor, portfolio manager at Neuberger Berman, said Wolverine’s stock could approach $50 by the first anniversary of the deal’s completion, the paper said.
Wolverine shares closed at $38.37 on Friday.
Wolverine in May teamed up with private equity partners to buy Collective Brands, the owner of footwear retailer Payless shoe stores for about $2 billion. Wolverine will take over the Collective’s performance and lifestyle group.
Reporting By Scott DiSavino; Editing by Marguerita Choy