Nomura Instinet analyst Simeon Siegel lowered his price target for Capri Holdings to $60 from $76 while reiterating a Buy rating on the shares. The company is building a portfolio of brands "but trades like a collection of distressed assets," Siegel tells investors in a post-analyst day research note. At current share levels he sees downside protection and upside potential."

Capri Holdings (CPRI) shares could fall to the low-to-mid $20s if Tapestry's (TPR) $57 per share takeover is successfully blocked by the Federal Trade Commission, Yiqin Shen of Bloomberg reports, citing a survey of 20 merger-arbitrage specialists. The survey, conducted on Tuesday, focuses on merger-arbitrage estimates on the Capri's downside price - a level that reflects the stock's fundamental value by the end of 2024, when the outcome of the FTC's challenge is expected to be either upheld or overturned in court, Shen notes. Shares of Capri Holdings are down 5% to $34.81 in midday trading.