Piper Jaffray Remains Sidelined Following a Michael Kors (KORS) Product Review

Piper Jaffray reiterated a Neutral rating and $54.00 price target on Michael Kors (NYSE: KORS) following a management-led product review. Across the women's handbag line, the company is focused on stepping up its newness with an emphasis on hardware, mixed materials, expansive colorways and particular detail around shoulder straps. Outside of handbags, the team is focused on fueling its footwear growth which management believes can be the No. 2 category over time and behind its No. 1 category, handbags.

Analyst Erinn Murphy commented, "We participated in Michael Kors' senior management-led product review at the company's NYC HQ last night. CEO John Idol hosted the event and highlighted key initiatives across the major product lines in conjunction with various brand leaders and a brief cameo of Michael Kors himself. Across the women's handbag line, the company is focused on stepping up its newness with an emphasis on hardware, mixed materials, expanded colorways and particular detail around shoulder straps. While SKU count within handbags is planned flat for Fall, AURs are inching higher. Outside of handbags, the team is focused on fueling its footwear growth which management believes can be the No. 2 category over time (unseating watches) and behind its No. 1 category, handbags. Watches remain tough tied to structural declines in the category. Men's, while in its early stages today, is still projected to be a $1B category with time."

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 $50.23 yesterday.

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