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Fly News Breaks for April 23, 2018
KORS
Apr 23, 2018 | 04:57 EDT
Deutsche Bank analyst Paul Trussell upgraded Michael Kors to Buy from Hold and raised his price target for the shares to $86 from $71. The company is in the "middle innings" of a turnaround and is nearing an inflection point, Trussell tells investors in a research note. Sales quality is improving amid lower markdowns, which reflects an "accelerated pace of newness," the analyst adds. Further, he believes the acquisition of Jimmy Choo will be accretive to earnings sooner than anticipated. He sees Kors shares re-rating higher.
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