KeyBanc remains constructive on softlines retailers ahead of earnings reports this week from On Holding and Wolverine World Wide.
On Holding (NYSE: ONON) reports Tuesday morning. KeyBanc said the company should mark the wholesale trough as sell-in actions begin to roll off in support of a strong fiscal 2027 pipeline. The firm will listen for updates on order books, the promotional environment, initial fiscal 2027 thoughts, and reads on new innovations including the Cloudsurfer 3.
Wolverine World Wide (NYSE: WWW) reports Thursday. KeyBanc said Saucony and Merrell continue to drive the story, with slightly easier second-half Saucony comparisons. The firm's estimates are above the high end of guidance. The stock has delivered a 29% return over the past six months and trades at a P/E ratio of 16.8 with a PEG ratio of 0.65. KeyBanc will watch for growth durability into fiscal 2027, Sweaty Betty and Wolverine progress, and margin leverage.
Wolverine World Wide finalized a separation agreement with former executive Susie Kuhn effective October 31, 2026, providing cash severance payments equal to one year of her base salary.
Multiple analysts have raised price targets for Wolverine World Wide shares. Williams Trading increased its target to $20.00. UBS raised its target to $31. Stifel increased its target to $26. Needham raised its target to $24.