Jefferies Group LLC Reaffirms “Buy” Rating for Michael Kors Holdings Limited (KORS)

Michael Kors Holdings Limited (NYSE:KORS)‘s stock had its “buy” rating reissued by equities researchers at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $60.00 price objective on the lifestyle brand’s stock. Jefferies Group LLC’s target price indicates a potential upside of 39.79% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Piper Jaffray Companies reiterated a “hold” rating and issued a $34.00 target price on shares of Michael Kors Holdings Limited in a report on Friday, June 9th. BMO Capital Markets set a $35.00 target price on Michael Kors Holdings Limited and gave the company a “hold” rating in a report on Thursday, July 6th. Nomura upped their target price on Michael Kors Holdings Limited from $41.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Buckingham Research upped their target price on Michael Kors Holdings Limited from $34.00 to $46.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Finally, MKM Partners reiterated a “sell” rating on shares of Michael Kors Holdings Limited in a report on Wednesday, August 9th. Four research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $42.54.

Michael Kors Holdings Limited (NYSE KORS) traded up 3.40% during midday trading on Thursday, hitting $44.38. 2,164,027 shares of the company traded hands. Michael Kors Holdings Limited has a 12-month low of $32.38 and a 12-month high of $52.67. The company has a market cap of $6.72 billion and a PE ratio of 13.61. The stock has a 50 day moving average price of $41.11 and a 200-day moving average price of $37.53.

Michael Kors Holdings Limited (NYSE:KORS) last issued its earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.18. The company had revenue of $952.40 million for the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a return on equity of 40.26% and a net margin of 11.91%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. Analysts expect that Michael Kors Holdings Limited will post $3.70 EPS for the current year.

Michael Kors Holdings Limited announced that its board has authorized a stock repurchase plan on Wednesday, May 31st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the lifestyle brand to repurchase up to 18.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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Institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. bought a new stake in shares of Michael Kors Holdings Limited in the second quarter valued at approximately $114,000. NINE MASTS CAPITAL Ltd bought a new stake in shares of Michael Kors Holdings Limited in the first quarter valued at approximately $149,000. Ameritas Investment Partners Inc. bought a new stake in shares of Michael Kors Holdings Limited in the first quarter valued at approximately $154,000. Sandy Spring Bank boosted its position in shares of Michael Kors Holdings Limited by 23.5% in the first quarter. Sandy Spring Bank now owns 4,310 shares of the lifestyle brand’s stock valued at $164,000 after acquiring an additional 820 shares during the period. Finally, TrimTabs Asset Management LLC boosted its position in shares of Michael Kors Holdings Limited by 105.1% in the second quarter. TrimTabs Asset Management LLC now owns 4,537 shares of the lifestyle brand’s stock valued at $164,000 after acquiring an additional 2,325 shares during the period. 83.39% of the stock is owned by institutional investors.

About Michael Kors Holdings Limited

Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of branded women’s apparel and accessories and men’s apparel bearing the Michael Kors tradename and related trademarks MICHAEL KORS, MICHAEL MICHAEL KORS, and various other related trademarks and logos. The Company operates through three segments: retail, wholesale and licensing.

Analyst Recommendations for Michael Kors Holdings Limited (NYSE:KORS)

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