In a report published Monday, a Bank of America analyst reiterated a Buy rating and $120.00 price target on upscale fashion accessories maker Michael Kors Holdings Ltd, financial media outlet Benzinga said.
In the report, Bank of America noted, “We believe Kors continued to take share pre and post-Holiday as traffic and sell-thrus appeared high at full-price and outlet stores and in Macy’s handbag, footwear, watch and fragrance shop-in-shops from Super Saturday to post-Holiday, especially when compared to peers.
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“Full-price and outlet stores were tightly packed with long check-out lines (likely helped by up to 50% off select items, which accounted for roughly 30% of the store and 60% off made-for outlet items in outlet stores), ” according to Benzinga.
“In Macy’s, Kors continued to expand its menswear business, marked by new men’s apparel and underwear shop-in-shops. We believe Kors ‘innovative’ brand positioning gives the company the freedom to potentially become a dominant accessible luxury brand in multiple categories (instead of just one or two) as it targets the rapidly evolving, next generation of global consumers with KORS ‘jet-set’ inspired versions of handbags and accessories (taking share from COH), women’s apparel (vs. CK, Rachel Roy, and other women’s sportswear brands), footwear (vs. multiple women’s contemporary brands), and more recently, men’s apparel (vs. RL, CK, Hilfiger and Boss) as well as watches, jewelry, fragrance (vs. Chanel, CK, Dior), beauty and personal care, and eyewear through licensing, ” Benzinga said.
Meanwhile, Penny Stock Earnings named Michael Kors Holdings as one of the consumer goods stocks to watch. The fashion company, which has a total market capitalization of $15.49 billion, lost -0.12% and closed at $75.21 on a traded volume of 1.82 million shares, in comparison to 3.36 million shares of average trading volume, PSE said.
The company founded by fashion designer and former “Project Runway” TV show judge Michael Kors is known for its trendy handbags and watches.
