Michael Kors Holdings Upgraded to “Overweight” by Piper Jaffray Cos. (KORS)
Michael Kors Holdings (NASDAQ:KORS) was upgraded by research analysts at Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a report released on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $90.00 target price on the stock, up from their previous target price of $73.00. Piper Jaffray Cos.’s price objective suggests a potential upside of 26.90% from the stock’s previous close.
The analysts wrote, “Taking Stock With Teens” survey. Murphy noted a “staggering” move higher in “mindshare for Michael Kors across handbags, watches and now jewelry.” The survey showed the company “wasthe No. 2 preferred handbag among both upper- and average-income consumers,” garnering a 21 percent share within both of these income segments. Murphy believes “Europe will be thenext catalyst in the model which will likely support a pathway approaching $6/share inearnings over time.”
Shares of Michael Kors Holdings (NASDAQ:KORS) opened at 70.92 on Tuesday. Michael Kors Holdings has a 52-week low of $46.66 and a 52-week high of $78.62. The stock has a 50-day moving average of $74.13 and a 200-day moving average of $64.36. The company has a market cap of $14.323 billion and a P/E ratio of 31.69.
Michael Kors Holdings (NASDAQ:KORS) last announced its earnings results on Tuesday, August 6th. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.49 by $0.12. The company had revenue of $640.90 million for the quarter, compared to the consensus estimate of $570.52 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 54.5% on a year-over-year basis. On average, analysts predict that Michael Kors Holdings will post $2.76 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Barclays Capital raised their price target on shares of Michael Kors Holdings from $74.00 to $80.00 in a research note to investors on Tuesday, October 1st. They now have an “overweight” rating on the stock. Separately, analysts at Jefferies Group downgraded shares of Michael Kors Holdings from a “buy” rating to a “hold” rating in a research note to investors on Monday, September 23rd. They now have a $80.00 price target on the stock, down previously from $85.00. They noted that the move was a valuation call. Finally, analysts at Zacks upgraded shares of Michael Kors Holdings from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, September 5th. They now have a $77.40 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $79.30.
Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors name and MICHAEL KORS, MICHAEL MICHAEL KORS, KORS MICHAEL KORS and various other related logos.
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