UPDATE: Canaccord Genuity Initiates Coverage on Michael Kors Holdings Ltd. with Buy Rating, $82 PT on Multiple Positive Factors

In a report published Monday, Canaccord Genuity analyst Camilo Lyon initiated coverage on Michael Kors Holdings Ltd.

with a Buy rating and $82.00 price target. In the report, Lyon noted, “KORS has become one of the fastest growing fashion accessories brands in the US due to its ability to deliver on-trend, yet affordable products to consumers across income demographics. While there are ample growth opportunities KORS is pursuing, we believe NA wholesale, driven by an aggressive shop-in-shop conversion strategy, is the most underappreciated by the Street. Moreover, we believe KORS is on a path to double its global retail segment by F2015. Lastly, we are encouraged by the burgeoning international acceptance of the brand which underscores the global growth potential KORS has.” Michael Kors Holdings Ltd. closed on Friday at $60.61.