Mizuho Securities Cuts Price Target on Michael Kors (KORS) Following a Survey
Mizuho Securities maintained a Neutral rating on Michael Kors (NYSE: KORS), and cut the price target to $42.00 (from $45.00), following a handbag and accessories survey. The survey indicated a sequential decrease in purchases over the past three months.
Analyst Betty Chen commented, "We believe shares of KORS may remain range-bound from further same store sales deceleration in 2Q as our Fall 2015 U.S. Handbag and Accessories Survey indicated a sequential decrease in purchases over the past three months. With survey data points highlighting persistent issues with domestic brand saturation and waning product interest, we believe sales guide may be at risk, especially given volatility in Asia Pacific and currency headwinds. Thus, we are lowering our PT to $42 (from $45) on trimmed FY16 and FY17 estimates and maintaining our Neutral rating."
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Shares of Michael Kors closed at $39.46 yesterday.