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Michael Kors (KORS) Stock Closes Lower on Citigroup Rating

NEW YORK (TheStreet) -- Shares of Michael Kors (KORS - Get Report) finished the day in the red, closing down by 1.50% to $42.72 on Wednesday, after Citigroup initiated the stock with a "sell" rating and a $38 price target.

Luxury apparel and accessories retailer Michael Kors was one of 20 retailers the firm initiated coverage on last night. J.C. Penney (JCP) was the only other company to be started with a "sell" rating.

Citigroup believes that Michael Kors' sales per square foot and EBIT margins will decline sharply.

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Citigroup looked at five industry factors in determining how it would rate all 20 stocks including changes in the economy, store closings that are not solving problems, what consumers are buying, unsuccessful turnarounds and changing factory outlet economics.

Other stocks the firm initiated coverage on include Lululemon (lulu), Tiffany (TIF), Urban Outfitters (URBN), Nordstrom (JWN), and Burlington (BURL). All were started with "buy" ratings.

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


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