Street View: Capri shows progress at Michael Kors, but growth needs proof
BUZZ-Street View: Capri shows progress at Michael Kors, but growth needs proof ** Michael Kors parent Capri Holdings CPRI.N on Friday, raised its annual revenue, profit forecasts; forecast sales growth return on new collections, increased marketing
** Median PT of 16 brokerages $22 - data compiled by LSEG
IMPROVING EXECUTION, SALES RECOVERY IN FOCUS
** BTIG ("buy", PT: $25) says new products, lower promotions, improved inventory availability are driving full-price selling, margin expansion
** Jefferies ("hold", PT: $18) says investors need proof that Michael Kors can sustain momentum, return to growth in H2, despite management executing turnaround well
** TD Cowen ("hold", PT: $19) says Michael Kors trends improving with inventory arrivals, but outlook implies sales growth still bar high
** Morningstar says Capri's strategy of reducing discounts, new products is strengthening brands; investors may be underestimating long-term earnings potential of Michael Kors, Jimmy Choo
(Reporting by Shania S Thomas in Bengaluru)