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Kate Spade (KATE) Stock Higher, Wells Fargo Upgrades

NEW YORK (TheStreet) -- Shares of Kate Spade & Co. (KATE) were increasing in pre-market trading on Tuesday as Wells Fargo upped its stock rating to "outperform" from "market perform" this morning.

The firm raised the New York City-based handbag and apparel company's price target to a range of $23 to $24 vs. the $16 to $18 previously, according to TheFly.

Despite the stock's recent underperformance, Wells Fargo said its risk/reward is "compelling."

Kate Spade's recent fiscal 2016 second quarter miss was largely due to execution, the firm added.

Wells Fargo said channel checks indicate...