Michael Kors Holdings Rating Lowered to Neutral at Citigroup Inc. (KORS)
Michael Kors Holdings (NASDAQ:KORS) was downgraded by research analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a report released on Tuesday, TheFlyOnTheWall.com reports. They currently have a $93.00 target price on the stock, down from their previous target price of $95.00. Citigroup Inc.’s price objective would suggest a potential upside of 17.81% from the company’s current price. The analysts noted that the move was a valuation call.
Shares of Michael Kors Holdings (NASDAQ:KORS) traded down 3.78% on Tuesday, hitting $78.94. The stock had a trading volume of 7,397,984 shares. Michael Kors Holdings has a 52-week low of $51.19 and a 52-week high of $84.58. The stock has a 50-day moving average of $81.3 and a 200-day moving average of $73.83. The company has a market cap of $16.023 billion and a price-to-earnings ratio of 33.38.
Michael Kors Holdings (NASDAQ:KORS) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.71 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.67 by $0.04. The company had revenue of $740.30 million for the quarter, compared to the consensus estimate of $722.20 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. The company’s quarterly revenue was up 38.9% on a year-over-year basis. Analysts expect that Michael Kors Holdings will post $2.83 EPS for the current fiscal year.
KORS has been the subject of a number of other recent research reports. Analysts at Canaccord Genuity reiterated a “buy” rating on shares of Michael Kors Holdings in a research note to investors on Thursday, November 21st. They now have a $96.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Michael Kors Holdings from $80.00 to $90.00 in a research note to investors on Wednesday, November 13th. They now have an “overweight” rating on the stock. Finally, analysts at Wedbush raised their price target on shares of Michael Kors Holdings from $80.00 to $84.00 in a research note to investors on Wednesday, November 6th. They now have an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $85.36.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.