Needham Initiates “Buy” Rating for Michael Kors Holdings (NYSE:KORS) With a $69 Price Target

December 20, 2017 - By Adrian Mccoy

 Needham Initiates

Investors sentiment decreased to 0.7 in 2017 Q2. Its down 0.14, from 0.84 in 2017Q1. It is negative, as 52 investors sold Michael Kors Holdings Limited shares while 131 reduced holdings. 37 funds opened positions while 92 raised stakes. 123.70 million shares or 2.48% less from 126.85 million shares in 2017Q1 were reported.

New York State Common Retirement Fund reported 486,786 shares or 0.02% of all its holdings. Arrowgrass Prtnrs (Us) Lp reported 0% in Michael Kors Holdings Limited (NYSE:KORS). Peak6 Invests Limited Partnership invested in 0.02% or 115,299 shares. Gargoyle Investment Advisor Limited Liability Corp, New Jersey-based fund reported 13,961 shares. Captrust holds 210 shares or 0% of its portfolio. Nine Masts Capital owns 11,200 shares for 0.05% of their portfolio. Amica Retiree owns 1,721 shares for 0.05% of their portfolio. Schroder Inv Management Group reported 2.41M shares. 90,060 are held by Jane Street Group Ltd Liability Com. 2.47 million were reported by Deutsche Natl Bank Ag. Wisconsin-based Johnson Group has invested 0.06% in Michael Kors Holdings Limited (NYSE:KORS). Moreover, Hsbc Public Ltd Limited Liability Company has 0.04% invested in Michael Kors Holdings Limited (NYSE:KORS) for 550,739 shares. Adage Prtn Gru Lc owns 0.02% invested in Michael Kors Holdings Limited (NYSE:KORS) for 230,075 shares. Peddock Advsrs Ltd Company has invested 0.17% of its portfolio in Michael Kors Holdings Limited (NYSE:KORS). 219,410 are owned by Bnp Paribas Arbitrage Sa.

Why Has Needham Given Michael Kors Holdings (NYSE:KORS) a $69 Price Target

Analysts at Needham began coverage on shares of Michael Kors Holdings (NYSE:KORS) in a report issued to investors and clients on Tuesday, 19 December. The broker set “Buy” rating on the $9.64 billion market cap company.

Investors sentiment decreased to 0.7 in 2017 Q2. Its down 0.14, from 0.84 in 2017Q1. It is negative, as 52 investors sold Michael Kors Holdings Limited shares while 131 reduced holdings. 37 funds opened positions while 92 raised stakes. 123.70 million shares or 2.48% less from 126.85 million shares in 2017Q1 were reported.

New York State Common Retirement Fund reported 486,786 shares or 0.02% of all its holdings. Arrowgrass Prtnrs (Us) Lp reported 0% in Michael Kors Holdings Limited (NYSE:KORS). Peak6 Invests Limited Partnership invested in 0.02% or 115,299 shares. Gargoyle Investment Advisor Limited Liability Corp, New Jersey-based fund reported 13,961 shares. Captrust holds 210 shares or 0% of its portfolio. Nine Masts Capital owns 11,200 shares for 0.05% of their portfolio. Amica Retiree owns 1,721 shares for 0.05% of their portfolio. Schroder Inv Management Group reported 2.41M shares. 90,060 are held by Jane Street Group Ltd Liability Com. 2.47 million were reported by Deutsche Natl Bank Ag. Wisconsin-based Johnson Group has invested 0.06% in Michael Kors Holdings Limited (NYSE:KORS). Moreover, Hsbc Public Ltd Limited Liability Company has 0.04% invested in Michael Kors Holdings Limited (NYSE:KORS) for 550,739 shares. Adage Prtn Gru Lc owns 0.02% invested in Michael Kors Holdings Limited (NYSE:KORS) for 230,075 shares. Peddock Advsrs Ltd Company has invested 0.17% of its portfolio in Michael Kors Holdings Limited (NYSE:KORS). 219,410 are owned by Bnp Paribas Arbitrage Sa.

Michael Kors Holdings Limited (NYSE:KORS) Ratings Coverage

Among 34 analysts covering Michael Kors Holdings Ltd (NYSE:KORS), 10 have Buy rating, 2 Sell and 22 Hold. Therefore 29% are positive. Michael Kors Holdings Ltd has $75.0 highest and $26 lowest target. $50.36’s average target is -20.52% below currents $63.36 stock price. Michael Kors Holdings Ltd had 101 analyst reports since July 21, 2015 according to SRatingsIntel. The rating was initiated by CLSA on Thursday, September 29 with “Sell”. The rating was maintained by Buckingham Research with “Neutral” on Friday, October 6. Canaccord Genuity maintained Michael Kors Holdings Limited (NYSE:KORS) rating on Tuesday, November 7. Canaccord Genuity has “Buy” rating and $67 target. Telsey Advisory Group maintained Michael Kors Holdings Limited (NYSE:KORS) on Wednesday, February 3 with “Market Perform” rating. The firm earned “Peer Perform” rating on Tuesday, August 18 by Wolfe Research. The stock of Michael Kors Holdings Limited (NYSE:KORS) has “Hold” rating given on Friday, September 29 by Robert W. Baird. The firm earned “Hold” rating on Wednesday, February 1 by Evercore. The firm has “Neutral” rating by Buckingham Research given on Tuesday, November 7. The rating was maintained by Deutsche Bank on Thursday, August 10 with “Hold”. Bank of America reinitiated the shares of KORS in report on Thursday, October 22 with “Neutral” rating.

The stock increased 0.27% or $0.17 during the last trading session, reaching $63.36. About 1.91 million shares traded. Michael Kors Holdings Limited (NYSE:KORS) has declined 10.54% since December 20, 2016 and is downtrending. It has underperformed by 27.24% the S&P500.

Analysts await Michael Kors Holdings Limited (NYSE:KORS) to report earnings on February, 6. They expect $1.26 earnings per share, down 23.17 % or $0.38 from last year’s $1.64 per share. KORS’s profit will be $191.61 million for 12.57 P/E if the $1.26 EPS becomes a reality. After $1.33 actual earnings per share reported by Michael Kors Holdings Limited for the previous quarter, Wall Street now forecasts -5.26 % negative EPS growth.

Michael Kors Holdings Limited design, markets, distributes, and retails branded womenÂ’s apparel and accessories, and menÂ’s apparel. The company has market cap of $9.64 billion. The firm operates in three divisions: Retail, Wholesale, and Licensing. It has a 17.61 P/E ratio. The Retail segment is involved in the sale of womenÂ’s apparel; men's apparel; accessories, which include handbags and small leather goods, such as wallets; footwear; and licensed products comprising watches, jewelry, fragrances, beauty products, and eyewear.

More important recent Michael Kors Holdings Limited (NYSE:KORS) news were published by: Businesswire.com which released: “Michael Kors Holdings Limited Adopts Fur-Free Policy” on December 15, 2017, also Fool.com published article titled: “3 Reasons for Michael Kors Holdings Investors to Be Cautiously Optimistic”, Businesswire.com published: “Michael Kors Announces New Chief Brand Officer” on November 21, 2017. More interesting news about Michael Kors Holdings Limited (NYSE:KORS) was released by: Nasdaq.com and their article: “Michael Kors (KORS) Looks Promising: Invest in the Stock” with publication date: December 13, 2017.

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