Wedbush Reiterates an 'Outperform' on Michael Kors (KORS); Lock-Up Expiration A Concern, But Don't Hold Back
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Price: $60.61 --0%
Rating Summary:
15 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 27 | New: 5
Rating Summary:
15 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 27 | New: 5
Trade KORS Now!
Wedbush reiterates an 'Outperform' on Michael Kors (NYSE: KORS) price target of $48.00.
Analyst, Corinna Freedman, said, "We believe there could be modest upside to KORS’ pre-announced 4Q EPS...Our channel checks for 4Q were very positive and our checks QTD indicate continued momentum...We are defending the shares and in our note we tackle several points of the bear thesis. The upcoming lock-up expiration ultimately remains our biggest near-term concern, though we expect slightly better-than-expected results, coupled with our expectations for maintained guidance for the balance of 2013 will likely result in short covering, which could minimize further consolidation of the investor base and any pressure resulting from the expiration of the IPO lock-up on June 21 with ~108m shares potentially coming to market."
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 $38.37 yesterday, with a 52 week range of $23.51-$50.69.
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Analyst, Corinna Freedman, said, "We believe there could be modest upside to KORS’ pre-announced 4Q EPS...Our channel checks for 4Q were very positive and our checks QTD indicate continued momentum...We are defending the shares and in our note we tackle several points of the bear thesis. The upcoming lock-up expiration ultimately remains our biggest near-term concern, though we expect slightly better-than-expected results, coupled with our expectations for maintained guidance for the balance of 2013 will likely result in short covering, which could minimize further consolidation of the investor base and any pressure resulting from the expiration of the IPO lock-up on June 21 with ~108m shares potentially coming to market."
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 $38.37 yesterday, with a 52 week range of $23.51-$50.69.
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