Wedbush Cautious Comments on Michael Kors (KORS)
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Price: $37.92 --0%
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 25 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Michael Kors (NYSE: KORS) stock declined early on Monday. The fall is being tied to comments from Wedbush.
Analyst Gabriella Santaniello in a weekly report summarizing findings with corresponding rankings on the state of retail fundamentals in the mall said, "Michael Kors (KORS): Point; -2, as the stores increased the SKU count of handbags to build for the holiday season, we believe that slower-than-expected mall traffic has resulted in a higher-than-expected markdown inventory. While the depth of markdown is in line with last year, we believe that two incremental promotions over Black Friday weekend followed by an increased level of markdown inventory in the stores, indicates a slower than expected holiday season. That said, while we have observed a recent pick-up and conversion on markdowns, we are cautious as the level of markdowns indicates the business is normalizing."
Wedbush has an Outperform rating on Michael Kors (NYSE: KORS) with a price target of $84.00
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 $83.88 yesterday.
Analyst Gabriella Santaniello in a weekly report summarizing findings with corresponding rankings on the state of retail fundamentals in the mall said, "Michael Kors (KORS): Point; -2, as the stores increased the SKU count of handbags to build for the holiday season, we believe that slower-than-expected mall traffic has resulted in a higher-than-expected markdown inventory. While the depth of markdown is in line with last year, we believe that two incremental promotions over Black Friday weekend followed by an increased level of markdown inventory in the stores, indicates a slower than expected holiday season. That said, while we have observed a recent pick-up and conversion on markdowns, we are cautious as the level of markdowns indicates the business is normalizing."
Wedbush has an Outperform rating on Michael Kors (NYSE: KORS) with a price target of $84.00
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 $83.88 yesterday.
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