Michael Kors Fourth Quarter Revenues Expected to Be Strong

Erinn Murphy, an analyst at Piper Jaffray, believes Michael Kors KORS will report stronger-than-expected fourth quarter revenues. Murphy found that the weekly web search traffic rose 69% YoY and believes this will convert to higher sales. The fourth quarter revenue forecasts $515M-$525M, below third quarter revenues of $636.8M, despite fourth quarter revs typically being higher than third quarter revs. Piper Jaffray currently has an Overweight rating on KORS with a $77 price target.