Capri Holdings price target lowered to $21 from $27 at Wells Fargo

Wells Fargo lowered the firm’s price target on Capri Holdings (CPRI) to $21 from $27 and keeps an Equal Weight rating on the shares. The firm says bulls were expecting more progress on margins/revenue, but results were more down the middle and “not good enough” given where expectations had moved. Turnaround continues, but will clearly take more time vs. what bulls hoped, Wells adds.