UPDATE: Topeka Capital Initiates Coverage On Michael Kors

In a report issued Tuesday, Topeka initiated coverage on Michael KorsKORS with a rating of Buy and a target price of $117.

Analyst Dorothy S. Lakner of Topeka sees the prospect for 20-25 percent sales and earnings growth over the next few years. Lakner also sees that Michael Kors is offering a piece of the "jet-set" dream at an accessible price.

Michael Kors is up 1.23 percent to $93.99 in pre-market activity Tuesday.