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CPRI

Capri Holdings

$27.28

-1.41 (-4.91%)

13:15
08/15/19
08/15
13:15
08/15/19
13:15

Capri Holdings put volume heavy and directionally bearish

Bearish flow noted in Capri Holdings with 6,583 puts trading, or 3x expected. Most active are Aug-19 27 puts and Oct-19 25 puts, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 6.17, while ATM IV is up over 1 point on the day. Earnings are expected on November 6th.

CPRI Capri Holdings
$27.28

-1.41 (-4.91%)

06/05/19
MKMP
06/05/19
NO CHANGE
Target $40
MKMP
Neutral
Capri Holdings price target lowered to $40 from $52 at MKM Partners
MKM Partners analyst Roxanne Meyer lowered her price target on Capri Holdings to $40 and kept her Neutral rating, saying the "tough wholesale environment, ongoing weakness in watches, and lack of stability in accessories" could make sales and margins at Michael Kors more difficult. The analyst also notes that the company's June 4th investor day that included showroom tours of Jimmy Choo and Michael Kors gave her better appreciation of the management's strategies to grow sales and margins by brand over the next few years and longer-term.
06/12/19
ARGS
06/12/19
INITIATION
ARGS
Hold
Capri Holdings initiated with a Hold at Argus
Argus analyst Stephen Biggar initiated Capri Holdings at Hold, saying that while it has a "strong reputation" in the fashion industry with the "iconic" Michael Kors, Jimmy Choo, and Versace luxury brands, the integration of the last two is challenging and the company's earnings growth looks "sluggish". The analyst notes that the brands come with an "extensive presence in social media with millions of Instagram followers", yet the stock has fallen nearly 50% over the past year on constrained earnings from the marketing investment associated with the acquisitions and the company's international expansion. Biggar adds that while the current valuation for Capri Holdings at 7.1-times his expected FY20 earnings is near the low end of its historical range, he believes the multiple "adequately reflects the company's near-term prospects."
08/02/19
PIPR
08/02/19
NO CHANGE
PIPR
More tariffs could bring 'near-term pain' for retail margins, says Piper Jaffray
Piper Jaffray analyst Erinn Murphy revisited her views on the Global Lifestyle Brands group after President Trump announced a 10% tariff on all remaining goods coming from China starting September. In her group, Steven Madden (SHOO) and G-III Apparel (GIII) have the most direct incremental exposure to China. Her biggest concern, however, is that the tariffs come right into the back-to-school and holiday season. Goods have been priced and contracts for future orders have been inked, which presents "near-term pain" for gross margins as re-ticketing goods intra-season "can be tricky," Murphy tells investors in a research note. Retail stocks reacted aggressively on yesterday afternoon following Trump's tweet, which creates some opportunities, says Murphy. The analyst would be buyers of Under Armour (UAA), Nike (NKE) and VF Corp. (VFC). These names have diversified global footprints and lower than average exposure in China, she contends. On the flip side, if the Chinese consumer travels less, Ralph Lauren (RL), PVH Corp. (PVH), Tapestry (TPR), Capri Holdings (CPRI) and G-III could be hurt, cautions Murphy.
08/12/19
MKMP
08/12/19
NO CHANGE
Target $35
MKMP
Neutral
Capri Holdings price target lowered to $35 from $40 at MKM Partners
MKM Partners analyst Roxanne Meyer lowered her price target on Capri Holdings to $35 and kept her Neutral rating after its below-consensus Q1 revenues due to incremental headwinds from Michael Kors wholesale, even though the company was able to maintain its FY20 guidance. The analyst still sees an opportunity for Capri Holdings in FY20 coming from any potential improvement in Michael Kors trends, the launch of new products at Versace and Jimmy Choo, and the continued benefits of lower manufacturing costs.

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IQ

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