Michael Kors Holdings Limited (KORS) Upgraded by Zacks Investment Research to “Buy”

Michael Kors Holdings Limited (NYSE:KORS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $53.00 target price on the lifestyle brand’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.05% from the stock’s current price.

According to Zacks, “Shares of Michael Kors took a sharp “U–turn” following the company’s positive earnings streak for the ninth straight quarter and upbeat fiscal 2018 guidance. The bullish run in the stock price helped it to outpace the industry in the past three months. Revenues also came ahead of the estimate for the second quarter in row on account of robust retail sales performance. The company now envisions fiscal 2018 total revenue to be nearly $4.275 billion, up from the previous estimate of about $4.25 billion. On the other hand, Michael Kors’ acquisition of Jimmy Choo will help diversify portfolio and tap international markets. The company has been constantly deploying resources to expand product offerings, open new stores, build shop-in-shops and upgrade eCommerce platform. We note that despite the possibility of heavy investments weighing on margins in the short term, management continues to take up strategic endeavors.”

A number of other equities analysts have also recently issued reports on KORS. Cowen and Company upped their price objective on shares of Michael Kors Holdings Limited from $33.00 to $35.00 and gave the stock a “market perform” rating in a research report on Monday, June 12th. Canaccord Genuity set a $33.00 price objective on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research report on Monday, June 12th. Deutsche Bank AG restated a “hold” rating and issued a $36.00 price target on shares of Michael Kors Holdings Limited in a research report on Friday, June 16th. BidaskClub upgraded shares of Michael Kors Holdings Limited from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 29th. Finally, Jefferies Group LLC set a $60.00 price target on shares of Michael Kors Holdings Limited and gave the company a “buy” rating in a research report on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $45.35.

Shares of Michael Kors Holdings Limited (KORS) traded up 0.21% during mid-day trading on Tuesday, hitting $47.40. 416,832 shares of the company were exchanged. Michael Kors Holdings Limited has a 12-month low of $32.38 and a 12-month high of $52.67. The company’s 50-day moving average price is $44.58 and its 200-day moving average price is $38.85. The firm has a market capitalization of $7.18 billion, a P/E ratio of 14.54 and a beta of 0.02.

Michael Kors Holdings Limited (NYSE:KORS) last released its quarterly earnings data on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million during the quarter, compared to analysts’ expectations of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. Equities research analysts predict that Michael Kors Holdings Limited will post $3.71 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sandy Spring Bank boosted its stake in Michael Kors Holdings Limited by 0.9% during the second quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after acquiring an additional 40 shares in the last quarter. First Heartland Consultants Inc. boosted its stake in Michael Kors Holdings Limited by 1.9% during the second quarter. First Heartland Consultants Inc. now owns 6,829 shares of the lifestyle brand’s stock worth $248,000 after acquiring an additional 129 shares in the last quarter. Thrivent Financial For Lutherans boosted its stake in Michael Kors Holdings Limited by 5.8% during the first quarter. Thrivent Financial For Lutherans now owns 6,000 shares of the lifestyle brand’s stock worth $229,000 after acquiring an additional 330 shares in the last quarter. First Allied Advisory Services Inc. boosted its stake in Michael Kors Holdings Limited by 5.3% during the second quarter. First Allied Advisory Services Inc. now owns 6,752 shares of the lifestyle brand’s stock worth $251,000 after acquiring an additional 337 shares in the last quarter. Finally, Financial Advisors Network Inc. boosted its stake in Michael Kors Holdings Limited by 5.1% during the second quarter. Financial Advisors Network Inc. now owns 7,854 shares of the lifestyle brand’s stock worth $285,000 after acquiring an additional 379 shares in the last quarter. 83.39% of the stock is currently owned by institutional investors and hedge funds.

Michael Kors Holdings Limited Company Profile

Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.

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