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Stumbling Into Black Friday...Kate Spade’s Bad Month

Just as Black Friday beckons shoppers to buy handbags and shoes, Kate Spade is dealing with more bad news. This time, a retail analyst has downgraded his opinion of the stock.

On Tuesday, Oliver Chen at Cowen & Co. changed his view of Kate Spade shares to “Market Perform,” down from “Outperform,” essentially recommending that clients hold the stock rather than buy it.

Chen kept his $16 price target on Kate Spade shares, right below its current price of $16.29. The stock has fallen 15% in the last 12 months.

Some of Chen’s...