UPDATE: ISI Group Raises PT to $33 on Michael Kors, Maintains Buy
ISI Group reiterates its Buy rating on Michael Kors (NYSE: KORS) and raises its price target to $33 from $30 as a strong holiday season may have provided an exciting kick-off to new year.
ISI Group says, "Our industry checks indicate that Michael Kors had a strong holiday season and we believe there could be upside to our 3Q EPS estimate of $0.10. Our estimate is predicated on 28% comp growth, which could prove to be conservative relative to the +40% trend in 1H. In addition to its unique “jet set” brand positioning and European luxury aesthetic, we think KORS is benefitting from a strong accessories cycle as women spend less on clothing and allocate a larger proportion of their budget to accessories (watches, handbags, jewelry, etc.)."
KORS closed at $26.56 per share on Friday.
