Michael Kors (KORS) Raising PT to $69 - Piper Jaffray

Piper Jaffray analyst, Erinn Murphy raised her PT on Michael Kors (NYSE: KORS) to $69 (from $67) after Q4 results came in ahead of expectations. No change to Overweight rating.

The Q1 guide disappointed due to pressures in domestic mall traffic and the decision to ratchet back wholesale handily, however, the analyst believes the near-term has been de-risked. Further, we believe the company is making the right choice to reduce its NA wholesale shipments for the health of the brand longer-term. Q1 comp guidance for down MSD assumes trends in June do not improve from current levels. Nonetheless, global growth (in Asia first, Europe second), new e-com platforms (EU) and a strong buyback should fuel EPS growth for the year. Beyond FY17, mgmt expects sales, margins and earnings to improve.

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 $45.55 yesterday.

You May Also Be Interested In

• MarineMax (HZO) PT Lowered to $35 at Stifel
• Hindustan Unilever Ltd (HUVR:IN) PT Lowered to INR2,800 at Macquarie
• Comcast Corp (CMCSA) PT Lowered to $48 at Pivotal Research