Wells Fargo analyst Ike Boruchow upgraded Capri Holdings to Overweight from Equal Weight with a $47 price target.

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.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Telsey Advisory lowered the firm's price target on Capri Holdings to $42 from $57 and keeps a Market Perform rating on the shares. The Federal Trade Commission announced it filed a lawsuit to block Tapestry's proposed acquisition of Capri, which was not "too surprising" given recent reporting, the analyst tells investors. The firm lowered its price target on the stock given incremental challenges to the probability of completing the deal.