Goldman Sachs Comments on Michael Kors (KORS) Q3 Results (COH)
Get Alerts KORS Hot Sheet
Price: $37.92 --0%
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 4 | New: 35
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 4 | New: 35
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Michael Kors (NYSE: KORS) stock gained Tuesday following strong Q3 results. In the view of analyst Lindsay Drucker Mann of Goldman Sachs, results confirm Coach (NYSE: COH) weakness was a result of competition from Michael Kors.
"Results are particularly strong in the context of a challenging holiday quarter that has impacted many other retailers. Numbers today refute concerns that mounted over holiday about excessive markdown activity and slowing business trends," said Drucker Mann.
"KORS remains our top idea in branded apparel based on its attractive valuation relative to strong growth prospects. We expect shares to trade higher on the good fundamental news today. Sales and margin strength at KORS confirms our view that COH's very disappointing December quarter numbers were at the hands of KORS competition, rather than flagging market fundamentals," she added.
Goldman Sachs has a Conviction Buy on Michael Kors (NYSE: KORS) with a price target of $105.00. Coach is rated Sell.
For an analyst ratings summary and ratings history on Michael Kors click here. For more ratings news on Michael Kors click here.
Shares of Michael Kors closed at $76.67 yesterday.
"Results are particularly strong in the context of a challenging holiday quarter that has impacted many other retailers. Numbers today refute concerns that mounted over holiday about excessive markdown activity and slowing business trends," said Drucker Mann.
"KORS remains our top idea in branded apparel based on its attractive valuation relative to strong growth prospects. We expect shares to trade higher on the good fundamental news today. Sales and margin strength at KORS confirms our view that COH's very disappointing December quarter numbers were at the hands of KORS competition, rather than flagging market fundamentals," she added.
Goldman Sachs has a Conviction Buy on Michael Kors (NYSE: KORS) with a price target of $105.00. Coach is rated Sell.
For an analyst ratings summary and ratings history on Michael Kors click here. For more ratings news on Michael Kors click here.
Shares of Michael Kors closed at $76.67 yesterday.
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