Initiating Coverage of Capri Holdings With a $52 FVE and No-Moat Rating; Shares Attractive
We are initiating coverage on Capri at a fair value estimate of $52 and with a no-moat rating. We view Capri, owner of accessories and apparel brands Michael Kors, Jimmy Choo, and Versace, as undervalued at current levels. Capri has implemented a restructuring plan, which we believe has stabilized Michael Kors. While the brand has suffered four years of declining same-store sales due to competition and markdowns of handbags, Capri has reduced distribution and closed 100 underperforming stores. M...
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