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COH

Coach

$39.15

-0.59 (-1.48%)

, KORS

Michael Kors

$37.39

-0.44 (-1.16%)

06:45
03/21/17
03/21
06:45
03/21/17
06:45

Piper sees more accretion for Coach than Kors in Kate Spade bid

Piper Jaffray analyst Erinn Murphy sees accretion potential of 16% for Coach (COH) and 10% for Michael Kors (KORS) in potential takeovers of Kate Spade (KATE). Coach could see more backend synergies and "unique strategic optionality" as a potential suitor, but Kors is more need of growth, Murphy tells investors in a research note.

COH

Coach

$39.15

-0.59 (-1.48%)

KORS

Michael Kors

$37.39

-0.44 (-1.16%)

KATE

Kate Spade

$23.73

-0.14 (-0.59%)

COH Coach
$39.15

-0.59 (-1.48%)

02/17/17
KEYB
02/17/17
NO CHANGE
KEYB
Kate Spade could be acquired by Coach, says KeyBanc
KeyBanc says that Coach (COH) "could make a compelling buyer" of Kate Spade (KATE), as Coach or another strategic buyer could obtain significant value from the transaction, according to the firm. The firm thinks that an acquisition of Kate Spade would raise Coach's EPS by 60c+ in the first 24 months of an acquisition, and it believes that Kate Spade could be acquired for a price in the mid-$20s per share range. KeyBanc keeps an Overweight rating on Kate Spade.
02/13/17
BARD
02/13/17
NO CHANGE
Target $47
BARD
Outperform
Coach positive risk/reward remains, says Baird
Baird analyst Mark Altschwager fine-tuned his model for Coach to include the magnitude of calendar shifts and non-comp sales and sees a positive risk/reward as a result. The upside is supported by visible sales/margin drivers, a healthy dividend, potential M&A catalysts, and an average valuation. Altschwager reiterated his Outperform rating and $47 price target on Coach shares.
02/02/17
02/02/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: Apple (AAPL) upgraded to Hold from Sell at BGC Financial with analyst Colin Gillis saying that while he still has issues with Apple's dependence on the iPhone he now believes that a catalyst for a meaningful pullback has passed following its earnings report, which he thinks "had plenty of chinks but did not show a meaningful decline to support a negative thesis." Gillis raised his FY17 estimates for Apple following the report and increased his price target to $125 from $85 on Apple shares. 2. Coach (COH) and lululemon (LULU) were upgraded to Neutral from Sell at Goldman. 3. Alcoa (AA) upgraded to Overweight from Neutral at JPMorgan with analyst Michael Gambardella saying the company, post the Arconic (ARNC) spin-off, is in a much better position to "weather weaker commodity price environments given the significant deleveraging of its balance sheet." Arconic absorbed most of Alcoa's consolidated debt, giving the latter "significant leverage" to recently rebounding alumina and aluminum prices, Gambardella tells investors in a research note. He raised his price target for Alcoa shares to $46 from $29. 4. U.S. Steel (X) upgraded to Buy from Neutral at BofA/Merrill with analyst Timna Tanners citing the recent pullback in shares and better outlook. 5. Foot Locker (FL) upgraded to Buy from Neutral at Guggenheim. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/02/17
GSCO
02/02/17
UPGRADE
GSCO
Neutral
Coach upgraded to Neutral from Sell at Goldman
Goldman analyst Lindsay Drucker Mann upgraded Coach to Neutral and raised its price target to $36 from $32 saying turnaround initiatives are working from a top-line and margin perspective, while competitors appear to be in greater "disarray." Mann sees limited multiple compression at current levels given the growth outlook.
KORS Michael Kors
$37.39

-0.44 (-1.16%)

03/03/17
WELS
03/03/17
NO CHANGE
WELS
Fossil has 'additional red flags,' says Wells Fargo
Wells Fargo says that Fossil's (FOSL) 10K shows that the company "is generating steep losses in the U.S." Wells adds that Adidas is terminating its partnership with Fossil nine months earlier than expected, while many of Fossil's selling prices are dropping and the sales declines of its Michael Kors (KORS) brand are accelerating. Wells says that the company's U.S. issues could cause it to violate debt covenants. Wells keeps an Underperform rating on the stock.
02/07/17
COWN
02/07/17
NO CHANGE
Target $47
COWN
Market Perform
Michael Kors estimates lowered at Cowen following guidance cut
Cowen analyst Oliver Chen noted he was cautious on Michael Kors heading into its Q3 earnings report and said that caution was confirmed when the company reported lower than expected comps and guided down for both earnings and revenues. Chen expects the shares to trade lower by a mid-single digit percentage today and reiterated his Market Perform rating on Michael Kors shares, which are down about 12% to $36.20 in pre-market trading.
02/07/17
JEFF
02/07/17
NO CHANGE
Target $65
JEFF
Buy
Jefferies a buyer of Michael Kors on the selloff
Jefferies analyst Randal Konik says he's a buyer of Michael Kors on today's selloff. The company, despite its moderated FY17 outlook, has a "solid strategy" in place to improve its long-term positioning, Konik tells investors in a post-earnings research note titled "When You Believe in Yourself, Buy Yourself." He believes management should buy back more shares at current levels and consider a dividend. The analyst lowered his price target for Kors to $65 from $75 and keeps a Buy rating on the name.
02/08/17
OPCO
02/08/17
NO CHANGE
Target $36
OPCO
Perform
Michael Kors price target lowered to $36 from $42 at Oppenheimer
Oppenheimer analyst Anna Andreeva lowered her price target for Michael Kors to $36 from $42 saying the company's Q4 guidance calls for EPS down about 25%, with comps taking another leg down as smartwatch benefit wanes after Holiday and given a bigger North America decline in wholesale. She reiterates a Perform rating on the shares.
KATE Kate Spade
$23.73

-0.14 (-0.59%)

02/17/17
02/17/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Hertz (HTZ) downgraded to Underperform from Neutral at Credit Suisse by analyst Anjaneya Singh as the analyst believes peer Avis Budget's (CAR) update presents a negative read-through for Hertz's Q4 and 2017 guidance. In an environment that presents weak volume growth, flattish pricing, and inflationary fleet costs, Singh sees Hertz struggling to generate profit growth reflected in consensus estimates. The firm also downgraded Avis Budget to Neutral from Outperform following the company's Q4 results. 2. Charter (CHTR) downgraded to Market Perform after recent rally at Telsey Advisory by analyst Tom Eagan, who has "no doubt" that the company will improve the service metrics at the legacy TWC and Bright House systems, but notes that shares have gained more than 54% since January 2016, with part of the rise fueled by speculation that Verizon (VZ) was interested in an acquisition. While unclear what Verizon's real interest is, "the possibility of a transaction is not grounds" for a multiple on Charter shares that would yield a target in the mid-$370's, Eagen tells investors. 3. Kate Spade (KATE) downgraded to Underperform from Outperform at CLSA by analyst Rick Patel, who 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." 4. Advisory Board (ABCO) downgraded to Neutral from Overweight at JPMorgan by analyst Stephanie Davis, who sees the shares as fairly valued for the potential strategic alternative outcomes. The analyst sees three potential outcomes: a margin-focused restructuring, a sale to a strategic acquirer of all or part of the company, and a sale to a financial sponsor. Her analysis yields a share price range of $47-$59 for the three scenarios. 5. Hain Celestial (HAIN) downgraded to Hold from Buy at Argus by analyst John Staszak, who says that, at a minimum, Hain will have to restate its financials. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
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.
02/17/17
LYON
02/17/17
DOWNGRADE
Target $23
LYON
Underperform
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."

TODAY'S FREE FLY STORIES

PANW

Palo Alto Networks

$149.27

-0.06 (-0.04%)

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PCRFY

Panasonic

$14.57

0.095 (0.66%)

13:26
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PCRFY

Panasonic

$14.57

0.095 (0.66%)

13:26
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TISA

Top Image Systems

$1.29

-0.0999 (-7.19%)

, SAP

SAP

$112.13

-1.27 (-1.12%)

13:25
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Top Image to launch new cloud-based solution at SAP conference »

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Top Image Systems

$1.29

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SAP

SAP

$112.13

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AMZN

Amazon.com

$986.61

-10.39 (-1.04%)

13:25
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Hot Stocks
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AMZN

Amazon.com

$986.61

-10.39 (-1.04%)

13:24
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Breaking Hot Stocks news story on Amazon.com »

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AMZN

Amazon.com

$986.61

-10.39 (-1.04%)

13:24
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  • 22

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DAL

Delta Air Lines

$53.07

0.8 (1.53%)

, MSFT

Microsoft

$77.91

0.3 (0.39%)

13:20
10/20/17
10/20
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Periodicals
Delta switching flight crew hardware to Apple in 2018, AI reports »

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DAL

Delta Air Lines

$53.07

0.8 (1.53%)

MSFT

Microsoft

$77.91

0.3 (0.39%)

AAPL

Apple

$155.98

-3.78 (-2.37%)

NOK

Nokia

$6.07

0.25 (4.30%)

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  • 22

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  • 01

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BSX

Boston Scientific

$29.70

0.125 (0.42%)

13:20
10/20/17
10/20
13:20
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Options
Bearish flow in Boston Scientific ahead of earnings »

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  • 20

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  • 06

    Nov

SPY

SPDR S&P 500 ETF Trust

$256.81

1.02 (0.40%)

, IEI

Indiana Energy

$123.30

0.11 (0.09%)

13:20
10/20/17
10/20
13:20
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Technical Analysis
On The Fly: ETF fund flow highlights »

For the week, there was a…

SPY

SPDR S&P 500 ETF Trust

$256.81

1.02 (0.40%)

IEI

Indiana Energy

$123.30

0.11 (0.09%)

HYG

iShares iBoxx $ High Yield Corporate Bond

$88.69

0.075 (0.08%)

TLT

iShares 20+ Year Treasury Bond Fund

$125.31

0.22 (0.18%)

TIP

iShares TIPS Bond ETF

$113.45

-0.22 (-0.19%)

IEF

iShares 7-10 Year Treasury Bond ETF

$106.48

0.11 (0.10%)

XLF

Financial Select Sector

$26.60

0.2699 (1.03%)

XLI

Industrial Select Sector SPDR

$72.72

0.54 (0.75%)

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$NSD

NASDAQ Market Internals

13:17
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10/20
13:17
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13:17
Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

13:16
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10/20
13:16
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NYSE market internals summary »

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WFC

Wells Fargo

$54.87

1.1156 (2.08%)

13:15
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Periodicals
Wells Fargo fires four forex bankers in the middle of investigation, WSJ reports »

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BP

BP

$38.76

0.01 (0.03%)

13:10
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BP puts active as shares tick lower »

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13:06
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General news
Baker-Hughes Rig Count N. Amer. data reported »

Week of 10/20…

GRPN

Groupon

$4.95

-0.05 (-1.00%)

13:05
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  • 01

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BHGE

Baker Hughes

$32.66

-0.49 (-1.48%)

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  • 20

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UUP

PowerShares DB US Dollar Index Up

$24.34

0.1348 (0.56%)

13:00
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Upside call buying in PowerShares Bullish Dollar ETF »

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WFC

Wells Fargo

$54.95

1.2 (2.23%)

12:59
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Periodicals
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GRPN

Groupon

$4.95

-0.05 (-1.00%)

12:59
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  • 01

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BMWYY

BMW

$34.49

-0.275 (-0.79%)

, DDAIF

Daimler AG

$81.68

-0.22 (-0.27%)

12:53
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Periodicals
BMW headquarters raided after Daimler blows whistle, Reuters says »

European Officials raided…

BMWYY

BMW

$34.49

-0.275 (-0.79%)

DDAIF

Daimler AG

$81.68

-0.22 (-0.27%)

VLKAY

Volkswagen

$35.25

-0.23 (-0.65%)

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  • 23

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BP

BP

$38.82

0.07 (0.18%)

12:49
10/20/17
10/20
12:49
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12:49
Periodicals
BP struggling with safety in Alaskan operations, BuzzFeed News says »

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OSTK

Overstock.com

$34.90

1.1 (3.25%)

12:45
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Options
Overstock com call volume above normal and directionally bullish »

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