Fly News Breaks for November 13, 2018
Nov 13, 2018 | 08:40 EDT
MKM Partners analyst Roxanne Meyer lowered her price target on Michael Kors to $52 and kept her Neutral rating after its in-line Q2 revenue and lower than expected Q3 earnings. The analyst adds that the Q2 earnings beat came from the reduced SG&A spending as well as the lower tax rate and that the company's Americas comps and retail gross margins fell short of expectations. Meyer further contends that while she was pleased by the strength in footwear, RTW, and men's segments, along with double-digit gains in mainland China, it was not enough to offset softness in handbags and accessories which she expects to be an overhang for the shares.
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