Capri Holdings downgraded to Neutral from Buy at Citi

Citi analyst Paul Lejuez downgraded Capri Holdings (CPRI) to Neutral from Buy with an unchanged price target of $41. The risk/reward is now more balanced with the shares near the price target, the analyst tells investors in a research note. The firm continues to believe the Federal Trade Commission challenge of the Tapestry (TPR), Capri deal is without merit, and says this week’s court proceedings haven’t changed that view. However, the decision will ultimately be made by a single judge, “and how they may rule is beyond our area of expertise,” Citi adds.