Canaccord Genuity Reiterates on Michael Kors Ahead of F2Q14 Report

In a report published Monday, Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating and $90.00 price target on

. In the report, Canaccord Genuity noted, “KORS reports F2Q14 on Tuesday, November 5, BMO. We are modeling 67c in EPS vs. consensus of 68c on comp of 20% (in line with the Street). Recall we raised our comp estimates on October 14 to 20% from 18% based on solid checks with industry sources. While traffic trends continue to be tepid for much of retail, we believe the strength of the KORS brand is resulting in share gains from key competitors whose fashion remains stale, and thus see upside to our estimates. We view KORS' fast fashion accessories model as its core competitive advantage that is precluding other brands from keeping pace with it, along with its rapid 9x inventory turns. We reiterate our BUY rating heading into Q2 results.” Michael Kors closed on Friday at $75.43.