Michael Kors Receives a Buy from Piper Jaffray

By Ryan Adsit

Piper Jaffray analyst Erinn Murphy reiterated a Buy rating on Michael Kors (NYSE: KORS) today and set a price target of $64. The company’s shares opened today at $50.32.

According to TipRanks.com, Murphy is ranked 0 out of 5 stars with an average return of -7.9% and a 38.9% success rate. Murphy covers the Consumer Goods sector, focusing on stocks such as Wolverine World Wide, G-III Apparel Group, and Ralph Lauren Corp.

Currently, the analyst consensus on Michael Kors is Hold and the average price target is $55.25, representing a 9.8% upside.

In a report released yesterday, Deutsche Bank also maintained a Buy rating on the stock with a $56 price target.

The company has a one year high of $59.49 and a one year low of $34.83. Currently, Michael Kors has an average volume of 2.7M.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2016, Lee Sporn, the SVP Bus Affairs, GC of KORS sold 26,341 shares for a total of $1,317,313.

Michael Kors Holdings Ltd. engages in the design and distribution of sportswear, accessories, footwear and apparel of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors trade name. The company operates its business through three segments: Retail, Wholesale and Licensing. The Retail segment operates collection stores, lifestyle stores, including concessions and outlet stores located primarily in the United States, Canada, Europe and Japan. The Wholesale segment sells the company’s products to department stores, as well as specialty retail stores and travel shopping locations. The Licensing segment licenses its trademarks on products such as fragrances, cosmetics, eyewear, leather goods, jewelry, watches, coats, men’s suits, swimwear, furs and ties. The company was founded by Michael David Kors on December 13, 2002 and is headquartered in London, the United Kingdom.