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KATE

Kate Spade

$22.56

2.89 (14.69%)

08:22
02/17/17
02/17
08:22
02/17/17
08:22

Kate Spade downgraded to Underperform from Outperform at CLSA

CLSA analyst Rick Patel raised his price target on Kate Spade to $23 from $21 but downgraded the stock to Underperform from Outperform, stating that he benchmarks Kate with Tumi, which was acquired by Samsonite for 13.6x LTM EBITDA. He adds that he views the abbreviated conference call and lack of Q&A as signs the company is "actively in negotiations."

KATE Kate Spade
$22.56

2.89 (14.69%)

01/26/17
WELS
01/26/17
NO CHANGE
WELS
Kate Spade could be acquired for $23-$25 per share says Wells Fargo
Wells Fargo noted that multiple media outlets have reported that Kate Spade (KATE) is looking to sell itself and has hired an investment bank which has contacted six possible bidders. Wells says that Kate Spade "is an attractive asset," partly because it is "gaining share and has international/wholesale expansion opportunities." The firm sees Coach (COH) or Michael Kors (KORS) as the most likely bidders, but it calls PVH Corp (PVH) a "dark horse bidder." Wells estimates that Kate Spade could be acquired for $23-$25 per share. It keeps an Outperform rating on the stock.
02/02/17
02/02/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kite Pharma (KITE) and Juno Therapeutics (JUNO) were initiated with a Neutral at Wedbush. 2. Penske Automotive (PAG) was initiated with a Positive at Susquehanna, while Lithia Motors (LAD) and Group 1 Automotive (GPI) were initiated with a Neutral. 3. Nevsun Resources (NSU) initiated with a Market Perform at BMO Capital. 4. Corcept Therapeutics (CORT) initiated with a Buy at Ladenburg. 5. Iteris (ITI) initiated with a Buy at Craig-Hallum. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/16/17
SBSH
02/16/17
NO CHANGE
Target $18
SBSH
Buy
Citi sees Kate Spade trading higher on confirmation of strategic review, Q4 beat
Citi analyst Kate McShane notes that Kate Spade shares have already rallied "considerably" since reports emerged in late December that the company could be shopping itself, though she expects the stock to trade higher now that the company has confirmed it is running a process to explore strategic alternatives. Additionally, Q4 results were better than expected, though brick-and-mortar comp declines are concerning, McShane tells investors. She has a Buy rating and $18 price target on Kate Spade shares, which are up nearly 10% to $21.61 in morning trading.
02/16/17
WBLR
02/16/17
NO CHANGE
WBLR
Outperform
William Blair says $21-$29 per share 'reasonable assumption' for Kate Spade deal
William Blair analyst Dylan Carden said Kate Spade's better performance in Q4 provides potential upside to an expected takeout price and continues to see 10-14 times trailing EBITDA as "a reasonable assumption" for a potential sale. That multiple suggests a deal price of $21 to $29 per share based on 2016 EBITDA of $261M, noted Carden, who keeps an Outperform rating on Kate Spade shares.

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