Wedbush Raises Price Target on Michael Kors (KORS) by 33%, Still a Growth Story
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Price: $37.92 --0%
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
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Wedbush is reiterating its Outperform rating on shares of Michael Kors (NYSE: KORS) and is raising its price target from $36 to $48 following the release.
The company reported strong earnings, topping both the Street's and firms estimates as better than expected sales in both the wholesale and retail channels drove the upside.
An analyst at Wedbush comments, "We believe the KORS watch was a top-seller, driving strong traffic to the brand across retail and wholesale channels. We note that the company achieved this strong comp on top of a +60% comparison LY."
To go inline with the company's recent guidance, the firm is lifting its Q4 and FY12 EPS estimates from $0.10 and $0.48 to $0.16 and $0.71. Wedbush also raised its sales estimates for the quarter and full year to $366.9 million and $1.29 billion.
For FY13, Wedbush now forecasts EPS of $1.00 on $1.78 billion in sales, up from its previous estimates of $0.78 and $1.56 billion.
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 $42.85 yesterday.
The company reported strong earnings, topping both the Street's and firms estimates as better than expected sales in both the wholesale and retail channels drove the upside.
An analyst at Wedbush comments, "We believe the KORS watch was a top-seller, driving strong traffic to the brand across retail and wholesale channels. We note that the company achieved this strong comp on top of a +60% comparison LY."
To go inline with the company's recent guidance, the firm is lifting its Q4 and FY12 EPS estimates from $0.10 and $0.48 to $0.16 and $0.71. Wedbush also raised its sales estimates for the quarter and full year to $366.9 million and $1.29 billion.
For FY13, Wedbush now forecasts EPS of $1.00 on $1.78 billion in sales, up from its previous estimates of $0.78 and $1.56 billion.
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 $42.85 yesterday.
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