Capri Holdings downgraded to Market Perform from Outperform at Cowen

Cowen analyst Oliver Chen downgraded Capri Holdings to Market Perform from Outperform with a price target of $55, down from $70. The analyst says Michael Kors is managing pressure in wholesale while simultaneously implementing a brand elevation strategy. The brand needs to "foster cultural relevance, drive differentiation through a customer data platform and manage outlet engagement," the analyst tells investors in research note. The firm is watching elevated inventory and the pause on price increases from the sidelines.