UPDATE: Wells Fargo Securities Downgrades Michael Kors Holdings Ltd. to Market Perform on Balanced Risk-Reward

In a report published Tuesday, Wells Fargo Securities analyst Paul Lejuez downgraded the rating on

from Outperform to Market Perform. In the report, Wells Fargo Securities noted, “We are downgrading the stock from Outperform to Market Perform as the stock is within our valuation range and we believe the risk reward is in balance. While we believe that KORS trends continue to outpace both the retail sector in general and competitors such as COH, the stock is up ~50% YTD following an 87% increase LY (vs. our group +17% and +16% in the same time periods). With sales productivity comparisons challenging, potential industry pressures mounting, and expectations high, we now prefer to be on the sidelines.” Michael Kors Holdings Ltd. closed on Monday at $76.40.