In a report released yesterday, Oliver Chen from Cowen & Co. reiterated a Hold rating on Michael Kors (NYSE: KORS), with a price target of $78. The company’s shares closed yesterday at $72.34, close to its 52-week high of $73.18.
According to TipRanks.com, Chen is a 4-star analyst with an average return of 6.7% and a 52.0% success rate. Chen covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Lululemon Athletica Inc, and Signet Jewelers Limited.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Michael Kors with a $78 average price target, which is a 7.8% upside from current levels. In a report issued on August 8, Guggenheim also maintained a Hold rating on the stock.
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Based on Michael Kors’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $186 million. In comparison, last year the company had a net profit of $126 million.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock.
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Michael Kors Holdings Ltd. engages in the design and distribution of sportswear, accessories, footwear and apparel of branded women’s apparel and accessories and men’s apparel. The firm operates its business through three segments: Retail, Wholesale and Licensing.
