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Fly News Breaks for May 6, 2015
FOSL, KORS
May 6, 2015 | 06:58 EDT
Piper Jaffray lowered its FY16 and FY17 estimates for Michael Kors (KORS) after Fossil (FOSL) indicated in its Q1 earnings report that North American watch shipments were down and sell-through trends declined. Piper estimates watches represent 85% of Michael Kors' licensing revenue. The firm cut its price target for Kors shares to $64 from $70 and remains on the sidelines with a Neutral rating.
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