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Fly News Breaks for June 2, 2016
KORS
Jun 2, 2016 | 06:57 EDT
Piper Jaffray analyst Erinn Murphy raised her price target for Michael Kors to $69 from $67 following the company's Q4 earnings report. While the Q1 guidance disappointed amid pressures in domestic mall traffic, the near-term has now been de-risked, Murphy tells investors in a post-earnings research note. She believes Kors is making the right choice to reduce its North American wholesale shipments for the health of the brand longer-term. The analyst recommends purchase of the shares and keeps an Overweight rating on the name.
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