Piper Jaffray Upgrades Michael Kors (KORS) to Overweight
Get Alerts KORS Hot Sheet
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 3 | New: 2
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Piper Jaffray upgraded Michael Kors (NYSE: KORS) from Neutral to Overweight with a price target of $67.00 (from $54.00), saying the brand is more stable.
Analyst Erinn Murphy commented, "On the heels of Coach's solid Q3 report, our recent checks in both the U.S. and China, and revisiting our findings from our Teen Survey (published 4/12), we are upgrading KORS from Neutral to Overweight with a $67 PT. We recognize this change may come as a surprise to some given our well-voiced more cautious views for most of 2015. Bottom line, we now see this brand as holding more stable footing on a global scale. Our Teen Survey highlights KORS as the No. 1 handbag brand with sequentially improving share and our wholesale checks domestically suggest the brand is not losing major space. Furthermore, recent meetings with management in China were positive on global momentum. With a buyback (KORS has repurchased ~10% of float TTM) and an 8% FCF yield, we view the current valuation (11.7x consensus forward estimates) as an attractive entry point."
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 $53.41 yesterday.
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