Goldman Sachs Starts Michael Kors (KORS) at Conviction Buy, Sees 45% Upside

December 11, 2012 7:18 AM EST
Get Alerts KORS Hot Sheet
Price: $42.46 +1.02%

Rating Summary:
    8 Buy, 29 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs resumes coverage on Michael Kors (NYSE: KORS) with a Conviction Buy List rating and $75 price target, suggesting 45% upside.

The firm calls Michael Kors "easily the most robust brand story in our coverage, exemplifying the power of new media, owned-distribution, and secular growth in fashion accessories."

Goldman said the company can sustain a 35%-40% sales CAGR over the next four years as it captures 25% of the addressable North American handbag and accessories market, expands into other categories like jewelry, shoes, and apparel, and expands abroad.

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 $49.75 yesterday.

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