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Fly News Breaks for May 25, 2016
KORS
May 25, 2016 | 08:02 EDT
Credit Suisse analyst Christian Buss is increasingly cautious on Michael Kors as proprietary data indicates declining watch prices, lagging consumer spend intent for the watch, jewelry, and handbag categories, increased handbag discounting, and trailing core handbag price points. As a result, Buss sees risk to FY17 guidance and lowered his estimate to $4.32 from $4.67, versus consensus of $4.56, and reduced his price target on shares to $49 from $57. The analyst rates Michael Kors a Neutral.
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