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Fly News Breaks for January 12, 2017
KORS, COH, KATE
Jan 12, 2017 | 07:22 EDT
Cowen analyst Oliver Chen said Kate Spade (KATE) is likely to get sold and he believes interest by bidders will be strong. Chen also said an LBO is possible, but substantial leverage will be needed to generate returns. More likely, a strategic buyer would emerge given synergies and financial flexibilities. Obvious suitors would be Coach (COH) and Michael Kors (KORS), said Chen, who raised his price target to $20 from $16 on Kate Spade shares.
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