UPDATE: Michael Kors (KORS) Under-Appreciated; Canaccord Genuity Starts at Buy

(Updated - May 20, 2013 8:57 AM EDT)

Canaccord Genuity initiated coverage on Michael Kors (NYSE: KORS) with a Buy rating and a price target of $82.00. Analyst Camilo Lyon thinks Michael Kors shop-in-shop conversion strategy is under-appreciated by the Street.

"Current estimates suggest the NA wholesale shop-in-shop doors will grow at an 11% CAGR, while non-converted doors will grow at 15%. We believe this understates the productivity lift opportunity by $300M/15c to sales/EPS in two years, effectively doubling the growth," said Lyon.

For an analyst ratings summary and ratings history on Michael Kors (NYSE: KORS) click here. For more ratings news on Michael Kors click here.

Shares of Michael Kors closed at $60.61 yesterday.

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