Piper Jaffray Remains Bullish on Michael Kors (KORS) After Meeting with Management

September 8, 2016 7:26 AM EDT
Get Alerts KORS Hot Sheet
Price: $49.36 -2.47%

Rating Summary:
    9 Buy, 28 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
Trade KORS Now!
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

Piper Jaffray reiterated an Overweight rating and $64.00 price target on Michael Kors (NYSE: KORS) after meeting with management. KORS is launching e-com mid-Sept in the UK and has been testing the launch thus far. The broader management team is very focused on reinvigorating newness to the category and is constantly pushing new ideas.

Analyst Erinn Murphy commented, "We met with Cederic Wilmotte, KORS' President of EMEA, this week in London at the company's new Regent Street store location (opened May 12). The new Regent Street store was impressive with men's and women's well-displayed. The fixtures & elements of the store were different from the majority of the fleet with a more elevated feel. While Michael Kors is not immune from the volatility in tourist trends in Europe nor the political uncertainty in the region, we believe the company is executing on several strategies: 1) consolidation of select wholesale doors within Europe; 2) the methodical testing and roll out of e-com currently; 3) re-invigorating product newness/innovation; and 4) growing men's & footwear in the region. For context, Europe is ~21% of sales. We remain positive on KORS as an inexpensive, recovery play."

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 $49.92 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments

Related Entities

Piper Jaffray, Erinn Murphy

Add Your Comment