TD Cowen lowered the firm’s price target on Capri Holdings (CPRI) to $22 from $57 and keeps a Hold rating on the shares. The firm said management has been candid on worse than expected performance particularly in wholesale combined with softness in accessory/handbag market. Michael Kor’s road ahead is reintroducing more signature and core, and launching new moderate price points with the need to improve full price sell through.
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