Capri Holdings downgraded to Market Perform from Strong Buy at Raymond James

Raymond James analyst Rick Patel downgraded Capri Holdings (CPRI) to Market Perform from Strong Buy without a price target after the company agreed to be acquired by Tapestry (TPR) for $57 per share. The analyst views the takeout price as fair. The firm’s base case view is that the deal will go through, but it says this isn’t a “slam dunk.” It is unclear how granular regulators will strive to understand market share by pricing tier, it contends.