Michael Kors stock rated sell at MKM with $26 price target [MarketWatch]
MICHAEL KORS HOLDINGS (KORS)
Last michael kors holdings earnings: 11/7 06:30 am
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Source: MarketWatch
Michael Kors stock rated sell at MKM with $26 price target MKM Partners initiated coverage of Michael Kors Holdings Ltd. stock KORS, -0.42% Tuesday, with a sell rating and a $26 price target, or 28% below its current trading level. Analyst Roxanne Meyer said she is not convinced the luxury clothing and accessories maker would meet Wall Street estimates for 2018 and 2019 after a disappointing fourth quarter. "Our below Street estimates reflect downside to comps and margins, in light of a slow infusion of innovation, changes to the merchandising and promotional strategy, over-exposure to wholesale, as well as our view that the operating margin is structurally headed lower from the shift to retail, investments in omni-channel, and product mix shift to lower margin categories," she wrote in a note. Meyer said earnings quality is another issue, describing Kors' EBITDA growth as lowest ranking among the companies she covers. Kors shares were not yet active premarket, but have fallen 16.5
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