Morgan Stanley Sees Pullback As Overdone For Michael Kors

In a report published Monday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Overweight rating and $105.00 price target on Michael Kors (NYSE: KORS).

In the report, Morgan Stanley noted, “Concerns of increased promotions left investors wondering if KORS' US demand stalled, driving the stock down 7.5% since 7/14. We think the brand remains resilient and see upside into 1Q. At 18x CY15 EPSe given 19% 3 yr EPSe CAGR, we think the market undeservedly punished KORS. We reiterate O/W.”

Michael Kors closed on Friday at $81.06.