Jefferies downgraded Capri Holdings (CPRI) to Hold from Buy with a price target of $45, down from $58. The analyst sees "underappreciated" macro concerns as well as brand and channel risk which would further challenge investor sentiment and estimates. The firm’s data trackers suggest a a slowing of trends for Michael Kors. It still views Capri as a quality business longer term, but prefers Tapestry (TPR) in affordable luxury.
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