Michael Kors (KORS) Remains Top Idea at Goldman, Price Target Raised to $100

August 6, 2013 1:38 PM EDT
Get Alerts KORS Hot Sheet
Price: $42.46 +1.02%

Rating Summary:
    8 Buy, 29 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs maintained a Conviction Buy on Michael Kors (NYSE: KORS) and raised its price target to $100.00 (from $90.00). Analyst Lindsay Drucker Mann doesn't think investors appreciate Michael Kors arsenal of earnings drivers

"KORS remains our top idea and one of the best growth stories in retail. Risk reward is compelling as valuation does not reflect the EPS runway," said Mann.

"We believe strength in backbone categories handbags and SLGs bodes well for brand health and momentum; growth in incremental categories watches and jewelry also remained standout. Positive conversion and +double-digit traffic stands out in context of weak retailer trends in 2Q, including KORS' largest domestic competitor COH," she added.

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 $67.88 yesterday.

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