UPDATE: Jefferies Downgrades Michael Kors on Full Valuation

In a report published Monday, Jefferies analyst Randal J. Konik downgraded the rating on Michael Kors Holdings Ltd. KORS from Buy to Hold, and lowered the price target from $85.00 to $80.00. In the report, Jefferies noted, “With KORS stock up over 50% YTD and approaching our PT, our thesis on the story has played out well. The company continues to exceed expectations and capitalize on its rising brand strength and market position in the thriving accessories and handbag market. However, in our view, KORS' momentum and growth prospects are widely recognized and reflected in the stock. As such, we're stepping to the sidelines. Lowering to Hold; PT to $80.” Michael Kors Holdings Ltd. closed on Friday at $77.49.