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KORS

Michael Kors

$42.92

0.35 (0.82%)

, COH

Name/ticker changed to Tapestry/TPR

$42.10

0.82 (1.99%)

07:25
09/14/17
09/14
07:25
09/14/17
07:25

Jefferies sees 50% upside for shares of Michael Kors

After attending the KORS Collection show, Jefferies analyst Randal Konik finds it clear that the Michael Kors (KORS) brand is strong with global reach and a large total addressable market. "Michael Kors is a brand and brands have scarcity value in today's world," Konik tells investors in a research note after saying, "If you believe Amazon (AMZN) takes over the world what it won't replace is brands." The analyst adds that his firm's proprietary handbag data is showing improvement. Calling shares of Michael Kors a "value trap" is insulting," Konik writes. He sees 50% upside potential in the stock with downside risk of just 10%. The analyst keeps a Buy rating on the handbag maker with a $60 price target in a research note titled "(1) Iconic Designer, (2) BETTER DATA, (3) 10x P/E = 50% Stock Upside." Kors closed yesterday up 34c to $42.92. Konik points out that Kors trades at a 10 times price-to-earnings ratio while Coach (COH) trades near 20 times. "This makes no sense," says the analyst.

KORS

Michael Kors

$42.92

0.35 (0.82%)

COH

Name/ticker changed to Tapestry/TPR

$42.10

0.82 (1.99%)

AMZN

Amazon.com

$999.60

17.02 (1.73%)

KORS Michael Kors
$42.92

0.35 (0.82%)

07/10/17
MKMP
07/10/17
INITIATION
Target $26
MKMP
Sell
Michael Kors initiated with a Sell at MKM Partners
MKM Partners initiated Michael Kors with a Sell and a $26 price target.
07/31/17
07/31/17
DOWNGRADE
Target $45

Hold
Coach downgraded to Hold from Buy at Jefferies
Jefferies analyst Randal Konik downgraded Coach (COH) to Hold citing valuation. The company's recovery is playing out, "but everyone knows it," Konik tells investors in a research note. The analyst lowered his price target for Coach shares to $45 from $53 and recommends buying shares of Michael Kors (KORS), where he feels the valuation and expectations are lower.
08/11/17
UBSW
08/11/17
NO CHANGE
Target $55
UBSW
Buy
Michael Kors store closures a tailwind for Coach, says UBS
UBS analyst Michael Binetti said Michael Kors (KORS) has started its planned closure of 100-125 stores, which should create a significant tailwind and catalyst for Coach (COH). Coach is now approaching a period of sustained easing of competitive intensity, giving it a multi-year market share recovery opportunity. Binetti reiterated his Buy rating and $55 price target on Coach shares.
09/12/17
BERN
09/12/17
INITIATION
Target $37
BERN
Underperform
Michael Kors initiated with an Underperform at Bernstein
Bernstein analyst Jamie Merriman started Michael Kors with an Underperform rating and $37 price target as he thinks a sharper pull back in North American wholesale, which was 40% of reported sales in FY17, is needed to reposition the brand and improve pricing. Until that happens, the analyst expects sales growth to fall short of guidance and consensus expectations.
COH Name/ticker changed to Tapestry/TPR
$42.10

0.82 (1.99%)

08/16/17
COWN
08/16/17
NO CHANGE
Target $46
COWN
Outperform
Coach executing well in a tough retail environment, says Cowen
Cowen analyst Oliver Chen said noted Coach reported solid Q4 results and said the company is executing well in a tough retail environment but sentiment required more. The analyst lowered his price target to $46 from $53 to reflect a more muted outlook for guidance and maintained his Outperform rating on Coach shares.
08/16/17
BARD
08/16/17
NO CHANGE
Target $52
BARD
Outperform
Coach weakness a buying opportunity, says Baird
Baird analyst Mark Altschwager noted Coach reported mixed Q4 results but said the long-term story remains intact. he said he suspects some conservatism in management's guidance but said he is confident of the company's turnaround plan largely based on execution of the Kate Spade integration and a now stabilizing handbag category backdrop. Altschwager reiterated his Outperform rating and lowered his price target to $52 from $54 on Coach shares.
08/17/17
MSCO
08/17/17
NO CHANGE
Target $35
MSCO
Underweight
Coach still has further downside risk, says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger said Coach shares fell 15% on a weaker Kate Spade outlook and a gross margin miss for the Coach brand. Even following yesterday's downdraft, the analyst continues to expect the derating to continue and remains skeptical on a Coach and Kate Spade medium-term turnaround, especially given slowing category growth. Greenberger rates Coach an Underweight with a $35 price target.
09/12/17
BERN
09/12/17
INITIATION
Target $51
BERN
Outperform
Coach initiated with an Outperform at Bernstein
Bernstein analyst Jamie Merriman started Coach with an Outperform rating and $51 price target saying it has successfully executed on its turnaround plan over the last three years, repositioning the Coach brand and improving sales trends in North America. The analyst believes that the brand is in relatively early innings in terms of seeing the benefits of these improvements.
AMZN Amazon.com
$999.60

17.02 (1.73%)

09/13/17
STFL
09/13/17
NO CHANGE
STFL
Online trend continues as risk in dental consumables, says Stifel
Stifel analyst Jonathan Block said his survey of 106 dental practices showed that online vendors are gaining traction, and this trend is expected to continue. 39% of respondents currently use an online vendor such as Amazon (AMZN) for 21% of their dental consumables and traction among current users is expected to climb higher while additional practices plan to start using an online vendor, noted Block, who views this trend as a long-term headwind for Patterson Companies (PDCO) and Henry Schein (HSIC). In the Dental space, he keeps a Buy rating on Dentsply Sirona (XRAY), a Hold on Henry Schein, and a Sell on Patterson.
09/12/17
LOOP
09/12/17
INITIATION
Target $1200
LOOP
Buy
Amazon.com initiated with a Buy at Loop Capital
Loop Capital analyst Anthony Chukumba started Amazon.com with a Buy rating and $1,200 price target, saying he sees the company's e-commerce and cloud computing platforms yielding "many years" of robust growth.
09/12/17
MSCO
09/12/17
NO CHANGE
MSCO
Augmented Reality the next 'killer app' to power Apple, says Morgan Stanley
A team of Morgan Stanley analysts including Katy Huberty, Brian Nowak and Grace Chen, among others, state in a new note to investors that they view Augmented Reality, or AR, as a revolutionary trend that can be "the next killer app" to extend the life of the smartphone market and accelerate device upgrades, led by Apple's (AAPL) iPhone. The analysts, who compare the impact of AR to the launch of Apple's App Store nearly a decade ago, add that they "don't expect the Android ecosystem to stand still in response." Huberty and the team raised the firm's "bull case" valuation of Apple, which they see taking the lead in AR, to $253 from $203. While they see Apple as "the clear leader" in AR, Google (GOOG) and Tencent (TCEHY) are also well-positioned and "interesting use cases" in e-commerce could benefit Alibaba (BABA) and Amazon (AMZN), they add.
09/13/17
09/13/17
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. Amazon.com (AMZN) initiated with a Buy at Loop Capital. 2. Square (SQ) initiated with an Overweight at Cantor. 3. Molson Coors (TAP) initiated with a Sell at Berenberg. 4. Build-A-Bear (BBW) initiated with a Buy at Jefferies. 5. Regis (RGS) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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