Nomura Initaiates Coverage on Michael Kors with a Buy, Highlights Luxury Spending Growth

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In a report published Friday, Nomura Equity Research analyst Simeon Siegel initiated coverage on

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Michael Kors Holdings Limited

(NYSE: KORS) with a Buy rating and $116.00 price target.Siegel highlighted the growth of luxury spending, writing, “We expect the company to continue driving best-in-class top-line growth through ongoing share gains as, at the same time, global luxury spending continues to grow. We expect growth to be driven by: 1) strong double-digit comps, 2) ongoing retail expansion, 3) further wholesale productivity improvements, and 4) continued expansion of the licensing business.”Nomura estimated FY15 and FY16 EPS estimates of $3.90 and $4.75, repectively.Shares of Michael Kors closed at $92.40 on Thursday and is currently up 2.64 percent at $94.84.