Michael Kors Holdings PT Raised to $83.00 at Morgan Stanley (KORS)
Equities research analysts at Morgan Stanley increased their price objective on shares of Michael Kors Holdings (NASDAQ:KORS) from $78.00 to $83.00 in a research note issued to investors on Monday, Analyst Ratings News reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 13.89% from the company’s current price.
The analysts wrote, “while the percentage rate may decrease, the incremental dollars remain robust, adding $104m vs. $116m LY. In addition, 85% US and 127% Europe new store productivity signals strong demand.”
Michael Kors Holdings (NASDAQ:KORS) traded up 1.84% on Monday, hitting $74.22. The stock had a trading volume of 1,862,460 shares. Michael Kors Holdings has a 1-year low of $46.66 and a 1-year high of $78.62. The stock’s 50-day moving average is $74.25 and its 200-day moving average is $64.61. The company has a market cap of $14.989 billion and a price-to-earnings ratio of 32.56.
Michael Kors Holdings (NASDAQ:KORS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.61 earnings per share for the quarter, beating the analysts’ 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. Analysts expect that Michael Kors Holdings will post $2.76 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Canaccord Genuity reiterated a “positive” rating on shares of Michael Kors Holdings in a research note to investors on Monday. They now have a $90.00 price target on the stock, up previously from $89.00. Separately, analysts at Piper Jaffray Cos. upgraded shares of Michael Kors Holdings from a “neutral” rating to an “overweight” rating in a research note to investors on Tuesday, October 8th. They now have a $90.00 price target on the stock, up previously from $73.00. Finally, 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $79.86.
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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