In a report published on Monday, Sterne Agee analyst Ike Boruchow raised the price target on Fifth & Pacific FNP from $26 to $28 and reiterated a Buy rating.
In the report, Sterne Agee stated, "FNP remains a top pick. We have examined different growth scenarios for the Kate Spade concept, and based on our bull/bear sensitivity we see upside/downside of $35 to $17 (or 70% upside and 15% downside from current levels). Kate Spade is one of the fastest growing concepts in retail today (Q1 22% comps and 63% sales growth), and the stock's recent pullback creates an attractive entry point."
Fifth & Pacific closed on Friday at $20.22.
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