MKM Partners analyst Roxanne Meyer raised her price target on Michael Kors to $74 after its Q1 earnings beat and raised FY19 guidance, saying the company is showing more evidence of sales stabilization as a result of product innovation and inventory management. Meyer notes that the positive comps should drive sustained sales growth and margin expansion, while also expressing more confidence in a 2020 inflection coming from reduced discounting. Meyer keeps her Neutral rating on Michael Kors, but adds that she will "look to get more constructive with continued evidence of improved fundamentals".