Piper Jaffray Remains Bullish on Michael Kors (KORS) After Meeting with Management
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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."
Shares of Michael Kors closed at $49.92 yesterday.
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