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Fly News Breaks for September 26, 2018
KORS
Sep 26, 2018 | 08:21 EDT
Needham analyst Rick Patel lowered his price target on Michael Kors to $75 to reflect the 8% pullback in its stock price after the company's Versace acquisition. The analyst keeps his Buy rating however, noting that the high-single-digit percent dilution has been discounted and anticipating some traction in the turnaround of the Michael Kors brand. Patel adds that the company's "strong capabilities, global retail expansion, and e-commerce/omni-channel improvements" give it the right mix of tools to maintain the positive momentum at Versace.
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