Piper Jaffray Keeps Their Hold Rating on Michael Kors

By Jason Carr

In a report released today, Erinn Murphy from Piper Jaffray reiterated a Hold rating on Michael Kors (NYSE: KORS), with a price target of $34. The company’s shares opened today at $35.70, close to its 52-week low of $32.38.

According to TipRanks.com, Murphy is ranked 0 out of 5 stars with an average return of -5.8% and a 45.3% success rate. Murphy covers the Consumer Goods sector, focusing on stocks such as The Estée Lauder Companies Inc, Wolverine World Wide, and G-III Apparel Group.

Currently, the analyst consensus on Michael Kors is Hold and the average price target is $39.29, representing a 10.1% upside.

In a report issued on June 1, Canaccord Genuity also maintained a Hold rating on the stock with a $33 price target.

Based on Michael Kors’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.06 billion and GAAP net loss of $26.8 million. In comparison, last year the company earned revenue of $1.2 billion and had a net profit of $177 million.

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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. Michael Kors was founded by Michael David Kors on December 13, 2002 and is headquartered in London, the United Kingdom.