Canaccord Genuity Cuts Price Target on Michael Kors (KORS) to $45 Ahead of Q1 Results

Canaccord Genuity maintained a Hold rating on Michael Kors (NYSE: KORS), and cut the price target to $45.00 (from $48.00), ahead of Q1 earnings release. Analyst Camilo Lyon expects a report of 74c in EPS, which is 2c below consensus and at the low end of the guidance range. KORS is scheduled to release its earnings report on August 6th, before markets open.

Lyon commented, "Our cautious stance on KORS has not changed heading into its FQ1 earnings release on Thursday, August 6 BMO as we believe the sluggishly negative traffic retail trends from last quarter persisted into FQ1. While high tourism markets that continue to be impacted by the stronger dollar are not helping, the key issue remains one of excessive distribution, in our opinion. We remain comfortable with our total comp estimate of -11% and 74c in EPS, which is 2c below consensus and at the low end of the 74c-78c guidance range."

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 $41.99 yesterday.

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