Citi analyst Paul Lejuez downgraded Capri Holdings (CPRI) to Neutral from Buy with an unchanged price target of $56 following Tapestry’s (TPR) announcement that it will acquire CapriI for $57 per share. The analyst believes the stock’s risk/reward is now balanced. Citi says Capri’s shareholders are getting a fair price and that regulatory issues are unlikely to stop the deal.
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