Michael Kors market share gains likely continued, says Piper Jaffray Following Coach's (COH) earnings conference call, Piper Jaffray believes handbag market share gains in the March quarter likely continued for Michael Kors (KORS). Piper thinks Michael Kors is on pace to approach 20% share in 2014 and it keeps an Overweight rating on the stock with a $114 price target.
Coach upgraded to Overweight from Equal Weight at Barclays Barclays analyst Joan Payson upgraded Coach to Overweight citing greater confidence in the designer's ability to grow domestic store comps with its turnaround "well underway." She expects Coach's competitive pressures to ease and raised her price target for shares to $50 from $38. The maker of handbags closed yesterday down 28c to $41.76. Payson also lowered her price target for shares of Michael Kors (KORS) to $60 from $70 and keeps an Equal Weight rating on the name. She believes Kors may soon be in need of transformation. The analyst keeps an Equal Weight rating on Tiffany (TIF), calling the company a "work in progress."