Michael Kors Holdings Limited (NYSE:KORS) was upgraded by research analysts at CIBC from a “market perform” rating to an “outperform” rating in a report issued on Tuesday. The firm presently has a $55.00 price objective on the lifestyle brand’s stock, up from their previous price objective of $44.00. CIBC’s price objective would suggest a potential upside of 23.18% from the stock’s previous close.

Several other research analysts also recently issued reports on KORS. Credit Suisse Group reiterated a “neutral” rating and set a $39.00 price target (down previously from $42.00) on shares of Michael Kors Holdings Limited in a research report on Wednesday, May 24th. Canaccord Genuity set a $38.00 price target on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research report on Friday, May 26th. Jefferies Group LLC reiterated a “buy” rating and set a $60.00 price target on shares of Michael Kors Holdings Limited in a research report on Thursday, June 1st. Telsey Advisory Group reduced their price target on shares of Michael Kors Holdings Limited from $42.00 to $38.00 and set a “market perform” rating on the stock in a research report on Thursday, June 1st. Finally, BMO Capital Markets set a $35.00 price target on shares of Michael Kors Holdings Limited and gave the stock a “hold” rating in a research report on Wednesday, May 31st. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $43.94.

Michael Kors Holdings Limited (NYSE:KORS) traded up 3.40% during trading on Tuesday, reaching $46.17. 2,597,826 shares of the company’s stock traded hands. The company has a market capitalization of $7.00 billion and a price-to-earnings ratio of 14.16. Michael Kors Holdings Limited has a 12 month low of $32.38 and a 12 month high of $52.67. The firm’s 50 day moving average is $42.07 and its 200-day moving average is $37.74.

Michael Kors Holdings Limited (NYSE:KORS) last issued its quarterly earnings results on Tuesday, August 8th. The lifestyle brand reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.18. The business had revenue of $952.40 million for the quarter, compared to the consensus estimate of $919.18 million. Michael Kors Holdings Limited had a net margin of 11.91% and a return on equity of 40.26%. 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 fiscal year.

Michael Kors Holdings Limited announced that its board has initiated a share repurchase program on Wednesday, May 31st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the lifestyle brand to repurchase up to 18.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

ILLEGAL ACTIVITY NOTICE: This piece of content was first reported by Daily Political and is owned by of Daily Political. If you are reading this piece of content on another publication, it was copied illegally and reposted in violation of U.S. and international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.dailypolitical.com/2017/09/19/cibc-upgrades-michael-kors-holdings-limited-kors-to-outperform.html.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sandy Spring Bank increased its stake in Michael Kors Holdings Limited by 0.9% during the 2nd quarter. Sandy Spring Bank now owns 4,350 shares of the lifestyle brand’s stock worth $158,000 after purchasing an additional 40 shares in the last quarter. First Heartland Consultants Inc. increased its stake in Michael Kors Holdings Limited by 1.9% during the 2nd quarter. First Heartland Consultants Inc. now owns 6,829 shares of the lifestyle brand’s stock worth $248,000 after purchasing an additional 129 shares in the last quarter. Thrivent Financial For Lutherans increased its stake in Michael Kors Holdings Limited by 5.8% during the 1st quarter. Thrivent Financial For Lutherans now owns 6,000 shares of the lifestyle brand’s stock worth $229,000 after purchasing an additional 330 shares in the last quarter. First Allied Advisory Services Inc. increased its stake in Michael Kors Holdings Limited by 5.3% during the 2nd quarter. First Allied Advisory Services Inc. now owns 6,752 shares of the lifestyle brand’s stock worth $251,000 after purchasing an additional 337 shares in the last quarter. Finally, Financial Advisors Network Inc. increased its stake in Michael Kors Holdings Limited by 5.1% during the 2nd quarter. Financial Advisors Network Inc. now owns 7,854 shares of the lifestyle brand’s stock worth $285,000 after purchasing an additional 379 shares in the last quarter. 83.39% of the stock is owned by institutional investors and hedge funds.

Michael Kors Holdings Limited Company Profile

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)

Receive News & Ratings for Michael Kors Holdings Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Michael Kors Holdings Limited and related companies with MarketBeat.com's FREE daily email newsletter.