Capri Holdings (CPRI) PT Raised to $60 at Wells Fargo Following EPS Beat
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Wells Fargo analyst Ike Boruchow raised the price target on Capri Holdings (NYSE: CPRI) to $60.00 (from $50.00) while maintaining an Overweight rating following strong results.
The analyst commented, "Valuation remains relatively inexpensive and CPRI remains a top recovery name in our space. All 3 brands are benefiting from a material change in inventory/SKU management while the MK brand is finally targeting lower levels of revenue and focusing more on profitability (confidence building towards the high-end of management’s 20-25% target). CPRI’s luxury brands (Versace and Choo) are set to become a much larger piece of the investment conversation going forward, increasing from just ~2% of EBITDA today, to ~25% in FY23 and ~40% LT. This should carry material implications on CPRI’s multiple from here (while numbers are also heading in the right direction). Raising PT from $50 to $60 (~9.5x EBITDA CY22 estimates) Adjusting our FY21/FY22/FY23 estimates from $0.72/$3.58/$3.96 to $1.49/$3.52/$4.00. Remain OW."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesWells Fargo, Ike Boruchow
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