Capri Holdings downgraded to Equal Weight at Barclays as consumers pull back

As previously reported, Barclays analyst Adrienne Yih downgraded Capri Holdings to Equal Weight from Overweight with a price target of $46, down from $58. The firm’s promotional tracker shows promos in Q1 are running similar to Q4 levels and suggest that "consumers across all income brackets are pulling back" on discretionary product spending, the analyst tells investors. The firm also sees increasing risk to hopes for a demand recovery in the second half of the year.