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Michael Kors Shares Moving Higher as Piper Jaffray Upgrades Following Strong Indications from 'Taking Stock With Teens' Survey

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In a report published Wednesday, Piper Jaffray upgraded luxury retailer Michael Kors (NYSE: KORS) from Neutral to Overweight. The price target was raised from $73.00 to $90.00.

The firm's Erinn Murphy said the raised investment recommendation follows Piper's oft-cited semi-annual "Taking Stock With Teens" survey. Murphy noted a "staggering" move higher in "mindshare for Michael Kors across handbags, watches and now jewelry." The survey showed the company "was the No. 2 preferred handbag among both upper- and average-income consumers," garnering a 21 percent share within both of these income segments.

Murphy believes "Europe will be the next catalyst in the model which will likely support a pathway approaching $6/share in earnings over time."

With shares of Kors trading up 2.2 percent to $72.50 ahead of Wednesday's open, Piper Jaffray's new price target represents potential upside of about 24 percent.

Latest Ratings for KORS

DateFirmActionFromTo
May 2017Deutsche BankDowngradesBuyHold
Feb 2017Evercore ISI GroupDowngradesBuyHold
Jan 2017PiperJaffrayDowngradesOverweightNeutral

View More Analyst Ratings for KORS
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Posted-In: Analyst Color News Upgrades Price Target Analyst Ratings

 

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