Market Overview

Michael Kors Shares Moving Higher as Piper Jaffray Upgrades Following Strong Indications from 'Taking Stock With Teens' Survey

Related KORS
Morgan Stanley: Consumers Choosing Restaurants, iPhones Over Apparel
Markets Unable To Hold On To Gains As Oil Continues To Plunge
Making Money With Charles Payne: 10/0614 (Fox Business)

In a report published Wednesday, Piper Jaffray upgraded luxury retailer Michael Kors (NYSE: KORS) from Neutral to Overweight. The price target was raised from $73.00 to $90.00.

The firm's Erinn Murphy said the raised investment recommendation follows Piper's oft-cited semi-annual "Taking Stock With Teens" survey. Murphy noted a "staggering" move higher in "mindshare for Michael Kors across handbags, watches and now jewelry." The survey showed the company "was the No. 2 preferred handbag among both upper- and average-income consumers," garnering a 21 percent share within both of these income segments.

Murphy believes "Europe will be the next catalyst in the model which will likely support a pathway approaching $6/share in earnings over time."

With shares of Kors trading up 2.2 percent to $72.50 ahead of Wednesday's open, Piper Jaffray's new price target represents potential upside of about 24 percent.

Latest Ratings for KORS

DateFirmActionFromTo
Oct 2014Stifel NicolausInitiates Coverage onHold
Aug 2014BarclaysMaintainsUnderweight
Aug 2014CitigroupMaintainsNeutral

View More Analyst Ratings for KORS
View the Latest Analyst Ratings

Posted-In: Analyst Color News Upgrades Price Target Analyst Ratings

 

Related Articles (KORS)

Around the Web, We're Loving...

Get Benzinga's Newsletters