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Bernstein Says Michael Kors 'scores better with consumers than with investors'

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Bernstein Research took a hard look at Michael Kors (NYSE: KORS) and the handbag/accessories category in a note published early Monday morning. Bernstein analyst Anne Windal took a survey regarding future purchase intentions and says here findings show "23% of respondents indicated they would spend more on the category in the next 12 months (vs. 18% in our March survey); 16% indicated they would spend less (vs. 20% in our March round)."

Windal says Coach (NYSE: COH) and Michael Kors both remain leaders in terms of future purchase intent with ~36 percent of Bernstein's Survey respondents indicating they are 'very likely' to purchase a handbag from either company.
Other takeaways from the note:

  • KORS brand familiarity around 75 percent, Coach at 85 percent.
  • 70 percent of respondents say last handbag purchase was under $200, 25 percent spent less than $50 and 5 percent spent over $500.
  • Coach is most exposed to an outlet/off-price customer.

Latest Ratings for KORS

Feb 2017Evercore ISI GroupDowngradesBuyHold
Jan 2017PiperJaffrayDowngradesOverweightNeutral
Nov 2016Morgan StanleyDowngradesOverweightEqual-Weight

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