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Michael Kors (KORS) Stock Dropping on Analyst Price Target Reduction

NEW YORK (TheStreet) -- Michael Korsa>trong> (KORS - Get Report) price target was cut to $50 from $60 at Deutsche Bank which maintained its "buy" rating.

The firm noted that the timing of NA stabilization, inventory positioning, and a potential accessories industry slowdown will take down full year plans.

However, analysts also believe there are levers to support beat-up valuation.

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"Even with tough compares, Kors remains an outsized LT global story with geo and category expansion opportunities," Deutsche Bank analysts said.

Additionally, based on channel checks during the June quarter, analysts believe that Kors saw more SKUs (stock-keeping units) on sale versus last year, according to the analyst note.

Michael Kors is a New York City-based fashion designer of American sportswear.

Shares of Michael Kors are declining 0.39% to $38.56 in mid-morning trading Tuesday.

Separately, TheStreet Ratings team rates MICHAEL KORS HOLDINGS LTD as a Hold with a...


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