William Blair Remains Sidelined on Michael Kors (KORS) Following Versace Acquisition Reports
William Blair analyst, Dylan Carden, reiterated a Market Perform rating on Michael Kors (NYSE: KORS) following an Italian press report that said Versace was nearing a sale with a handful of companies. Both KORS and Tiffany (NYSE: TIF) are reportedly involved in the bidding.
On Monday, Bloomberg reported that Michael Kors was nearing an agreement to acquire Versace for $2 billion, while other reports suggested the price would be in euros, equating to roughly $2.35 billion. Carden believes it is worthwhile to be patient until there is greater detail.
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Shares of Michael Kors closed at $66.50 yesterday.