UPDATE: Citigroup Raises PT to $68 on Michael Kors on Raised Guidance

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Citigroup reiterated its Buy rating on Michael Kors
KORS
and increased its price target from $65 to $68. Citigroup noted, "We raise our full year EPS estimate to $1.66 (from $1.45) on new guidance and incremental fixed cost everage, we model comps +35% and believe KORS is well positioned to exceed conservative guidance given our channel checks, industry contacts, and conservative guidance. We are also raising our price target to $68 (from $65) on 30x. Our price target implies +30% ETR." Michael Kors closed at $52.49 on Thursday.
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Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsCitigroup
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