Michael Kors (KORS) Defended at Jefferies

Jefferies analyst Randal Konik came out to defend Michael Kors (NYSE: KORS), a few days after a nasty downgrade at Credit Suisse and related sell-off. Konik said KORS is still the winner, in their view.

Konik commented, "Following a highly competitive Holiday season, our online channel checks show promotional levels at Michael Kors are in check, further reinforced by mgmt's comments that YTD promo levels were rational during our meeting in mid-Dec."

He added, "We think concerns here are overblown and would be buyers, especially with KORS shares trading at an all-time low valuation. KORS remains the most compelling name in the handbag space, in our view."

The firm maintained a Buy rating and price target of $100.00

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 $68.71 yesterday.

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