Raymond James upgrades Capri to Strong Buy on low expectations

As previously reported, Raymond James upgraded Capri Holdings (CPRI) to Strong Buy from Outperform with an unchanged price target of $60. Revenue for global brands and digital commerce will decelerate in Q1 but the second half of 2023 is "poised to be stronger," the analyst tells investors in a research note. The analyst believes Capri’s last earnings call laid the groundwork for earnings beats and that expectations are low heading into the Q1 print. The firm also added the shares to its "Analyst Current Favorites" list while removing Lululemon (LULU).