Cowen downgraded Michael Kors (NYSE: KORS) from Outperform to Market Perform with a price target of $43.00 (from $46.00).

Analyst Oliver Chen commented, "KORS underperformed -46% YTD, yielding P/E of 9x vs. sector 17x. Why downgrade now? Our proprietary survey supports our caution on handbag category growth & high inventories; KORS momentum slowing for July-Sept vs. April-June, plus inventory building at US dept stores may limit upside to comps/margins. Lower to Market Perform w/ new $43 PT."

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 $38.53 yesterday.