UPDATE: ISI Group Raises PT to $70 on Michael Kors Holdings on Brand Transformation
ISI Group reiterated its Buy rating on Michael Kors Holdings (NYSE: KORS) and raised its price target from $60 to $70.
ISI Group commented, "Given the stock's muted reaction to stellar 2Q results and a bullish intra-quarter update (“business is very strong everywhere in the US, Canada, Europe, and Japan”), we would be aggressive buyers of KORS today as the company continues to outpace expectations on virtually every metric, and looks poised to capitalize on strong consumer spending this holiday. We continue to believe the brand is in the midst of a powerful and lucrative transformation from fashion designer to authentic global lifestyle brand, and it is precisely during such evolutions when shareholders are most rewarded for taking risk investing in this type of “brandsformation” stock."
Michael Kors Holdings closed at $51.01 on Tuesday.
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