UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Michael Kors Holdings Ltd. on Multiple Positive Factors

In a report published Thursday, Deutsche Bank analyst Dave Weiner reiterated a Buy rating on

, and raised the price target from $105.00 to $110.00. In the report, Deutsche Bank noted, “While there are many moving parts to this increasingly complex global company, the bottom line we believe is that Kors once again delivered on both results & guidance. Though FY15 plan came in at least in–line with expectation, even so, we believe mgmt. is being conservative. Primarily, we note that plan calls for GM normalization, but mgmt. made it clear that hasn't happened yet (and we don't think that back-half of 1Q compares get more difficult). Also, it's our view that Kors will stick to a tight exp. budget, so if revs. outpace, those will flow through to EPS. As a reminder, the avg. beat over the past four qtrs. has been $0.15 and we see a nice set-up from here as well. Maintain Buy.” Michael Kors Holdings Ltd. closed on Wednesday at $97.01.