Oppenheimer Thinks Michael Kors’ Stock is Going to Recover

By Carrie Williams

In a report released today, Brian Nagel from Oppenheimer maintained a Buy rating on Michael Kors (KORSResearch Report). The company’s shares opened today at $48.89, close to its 52-week low of $47.47.

According to TipRanks.com, Nagel is a 4-star analyst with an average return of 6.2% and a 59.9% success rate. Nagel covers the Services sector, focusing on stocks such as Weight Watchers International, Dick’s Sporting Goods, and Advance Auto Parts.

Michael Kors has an analyst consensus of Moderate Buy, with a price target consensus of $78.75, which is a 61.1% upside from current levels. In a report issued on November 2, Piper Jaffray also upgraded the stock to Buy with a $71 price target.

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Based on Michael Kors’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $186 million. In comparison, last year the company had a net profit of $203 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. The firm operates its business through three segments: Retail, Wholesale and Licensing.