In a note dated November 4, Sterne Agee analyst Ike Boruchow provided his take on what the second quarter's results mean for Michael Kors Holdings Ltd KORS.
Sterne Agee currently rates the stock at Neutral with an $85 price target.
Boruchow commented, "KORS posted another robust top and bottom-line performance in Q2, driving ~40 percent revenue and EPS growth." He added, "All in, fundamentals are solid today, but the slowing growth trajectory in the US keeps the stock range bound for the time being."
Revenue and EPS came in ahead of guidance at $1.1 billion and $1.00, respectively. Additionally, Boruchow highlighted the company''s impressive gross margin of 61 percent.
Looking ahead, the company issued third quarter guidance inline with the Street estimates at $1.27 billion to $1.3 billion in revenue and $1.31 to $1.34 in EPS.
Shares were up 2.4 percent at $73.14.
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