Michael Kors Bucks Retail Trend
Weiner lowered his Coach price target from $68 to $57.50, but maintained his "hold" rating.
Michael Kors' international brand recognition could be attributed to designer and company founder Michael Kors, who reached the masses as a judge on the Emmy-nominated reality television program Project Runway, starting in 2004. Set against this backdrop, the luxury retailer launched the fashion industry's largest U.S. public offering in December 2011, a deal which valued the company at $3.8 billion -- 45 times more than its earnings at the time.
In March of this year, Michael Kors sold 25 million shares of stock in a secondary offering at a price of $47 per share, to raise in excess of $1.7 billion.
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The New York-based company expects to generate revenue between $490 million to $500 million in the second quarter of 2013, which assumes a comparable store sales increase of approximately 30%. Michael Kors also forecast earnings between 33 cents a share and 35 cents a share -- a bold outlook considering analysts surveyed by Thomson Reuters are only looking for 29 cents of earnings on $444.55 of revenue.
Michael Kors shares are up 13.67% to $48.14 on Tuesday and 76.66% year to date.
--Written by Nathalie Pierrepont in New York.
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