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Fly News Breaks for May 30, 2019
CPRI
May 30, 2019 | 09:29 EDT
Needham analyst Rick Patel lowered his price target on Capri Holdings to $54 after its in-line Q4 results, below-consensus Q1 guidance, and maintained FY20 outlook. The analyst notes that the near-10% pullback in Capri Holdings' stock price was also driven by the low-single-digit Q1 comps growth outlook for the company's Michael Kors brand and weaker expected gross margins. Patel maintains his Buy rating on Capri Holdings longer term, saying its FY20 sales growth will be supported by the new Jimmy Choo and Versace stores as well as its positive comp momentum and the introduction of accessories merchandise.
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