Zacks Investment Research Downgrades Michael Kors Holdings Limited (NYSE:KORS) to Hold

Zacks Investment Research downgraded shares of Michael Kors Holdings Limited (NYSE:KORS) from a buy rating to a hold rating in a report issued on Tuesday, October 17th.

According to Zacks, “Shares of Michael Kors have outperformed the industry in the past three months owing to positive earnings streak and upbeat fiscal 2018 guidance. After reporting both top and bottom-line beat in first-quarter fiscal 2018, the company now envisions total revenues for fiscal 2018 to be nearly $4.275 billion, up from the previous estimate of about $4.25 billion. Meanwhile, 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. However, stiff competition, falling comps, aggressive promotional environment and waning mall traffic are making things tough for Michael Kors.”

A number of other research analysts also recently issued reports on the company. Oppenheimer Holdings, Inc. set a $55.00 price objective on Michael Kors Holdings Limited and gave the stock a buy rating in a report on Wednesday, October 11th. Buckingham Research set a $52.00 price target on Michael Kors Holdings Limited and gave the company a hold rating in a research note on Friday, October 6th. Robert W. Baird set a $46.00 price target on Michael Kors Holdings Limited and gave the company a hold rating in a research note on Sunday, October 1st. ValuEngine upgraded Michael Kors Holdings Limited from a hold rating to a buy rating in a research note on Wednesday, September 27th. Finally, Canaccord Genuity upgraded Michael Kors Holdings Limited from a hold rating to a buy rating and lifted their target price for the stock from $43.00 to $58.00 in a research note on Wednesday, September 27th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $46.50.

Shares of Michael Kors Holdings Limited (NYSE KORS) traded up $7.00 during mid-day trading on Tuesday, hitting $54.62. The stock had a trading volume of 17,158,867 shares, compared to its average volume of 1,880,000. The company has a market capitalization of $8,280.00, a PE ratio of 11.56 and a beta of 0.05. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $55.01.

Michael Kors Holdings Limited (NYSE:KORS) last posted its quarterly earnings results on Monday, November 6th. The lifestyle brand reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.50. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 earnings per share. sell-side analysts anticipate that Michael Kors Holdings Limited will post 3.74 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: “Zacks Investment Research Downgrades Michael Kors Holdings Limited (NYSE:KORS) to Hold” was first reported by BBNS and is the sole property of of BBNS. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright legislation. The legal version of this piece can be accessed at https://baseballnewssource.com/markets/zacks-investment-research-downgrades-michael-kors-holdings-limited-kors-to-hold/1722261.html.

Institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. bought a new position in shares of Michael Kors Holdings Limited in the second quarter worth $114,000. Ameritas Investment Partners Inc. purchased a new stake in shares of Michael Kors Holdings Limited in the first quarter worth $154,000. Sandy Spring Bank raised its position in shares of Michael Kors Holdings Limited by 0.9% in the second quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after buying an additional 40 shares in the last quarter. TrimTabs Asset Management LLC raised its position in shares of Michael Kors Holdings Limited by 105.1% in the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock worth $164,000 after buying an additional 2,325 shares in the last quarter. Finally, Creative Planning raised its position in shares of Michael Kors Holdings Limited by 30.8% in the second quarter. Creative Planning now owns 5,005 shares of the lifestyle brand’s stock worth $181,000 after buying an additional 1,180 shares in the last quarter. 84.25% of the stock is owned by hedge funds and other institutional investors.

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.

Get a free copy of the Zacks research report on Michael Kors Holdings Limited (KORS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Michael Kors Holdings Limited (NYSE:KORS)

Receive News & Ratings for Michael Kors Holdings Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors Holdings Limited and related companies with our FREE daily email newsletter.

 


Latest News

Seattle Mariners Start Offseason With a Bang: Three Trades Over Four Days
Seattle Mariners Start Offseason With a Bang: Three Trades Over Four Days
MLB Commissioner: New Rule for Pace-of-Play in 2018
MLB Commissioner: New Rule for Pace-of-Play in 2018
Alex Cobb Could Be Good Fit for Cubs
Alex Cobb Could Be Good Fit for Cubs
Joey Votto Is One of Baseball’s Best Hitters
Joey Votto Is One of Baseball’s Best Hitters
Hunter Pence May Become Part-Time Player
Hunter Pence May Become Part-Time Player
Perfect 300 Bowled by Red Sox Right Fielder Mookie Betts
Perfect 300 Bowled by Red Sox Right Fielder Mookie Betts


Leave a Reply

 
© 2006-2017 BBNS.