Capri Holdings price target lowered to $68 from $75 at UBS

UBS analyst Jay Sole lowered the firm’s price target on Capri Holdings to $68 from $75 and keeps a Buy rating on the shares. While pressure in the channel is expected to increase in 4Q23 and continue through 1H24, UBS thinks the bad news is more than priced in and is not a signal that Capri’s long-term outlook is significantly different than it was before, the analyst tells investors in a research note.