30 Jun '15, 2pm

Will Handbag Companies Be Hurt This Holiday Season?

Will Handbag Companies Be Hurt This Holiday Season?

Chen believes that Michael Kors' FY16 guidance is achievable, although the company's near-to-medium term performance is likely to be impacted by the decelerating handbag sector momentum. "We like KORS' inexpensive valuation (~9-10x vs. sector avg. ~17x) and maintain confidence in KORS' brand longevity, product acceptance across non-handbag categories, global opportunity, digital, and solid CF (yield ~5.3%), plus we like $1.0bn (~11% of market cap) remaining on KORS' share buyback program," Chen explained.

Full article: http://www.benzinga.com/analyst-ratings/analyst-color/15/...

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