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Fly News Breaks for September 24, 2015
KATE
Sep 24, 2015 | 07:16 EDT
Stephens analyst Rick Patel upgraded Kate Spade to Overweight from Equal Weight, noting that the stock has fallen 11% since its second quarter report and is down 39% year-to-date. The pullback is more than enough to reflect worries about a slowdown in the category and the company's "sometimes lumpy" comps, Patel tells investors. Channel checks show that quarter-to-date promotional trends appear similar to the first half, leading the analyst to think that Q3 is likely tracking as planned. Patel keeps a $33 price target on Kate Spade shares.
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