Capri Holdings initiated with an Outperform at Raymond James

Raymond James analyst Rick Patel initiated coverage of Capri Holdings with an Outperform rating and $65 price target. Capri has strengthened its brand portfolio in recent years by improving the premium orientation of Michael Kors, while driving strong growth at Versace and Jimmy Choo, using legacy expertise in handbags to grow accessories, Patel tells investors in a research note. Macro is the biggest risk, but the analyst sees Street estimates as achievable, if not beatable.