Wells Fargo lowered the firm’s price target on Capri Holdings (CPRI) to $25 from $30 and keeps an Overweight rating on the shares after the company announced the sale of Versace to Prada (PRDSY). While the performance and sale price seem disappointing at a high level, this gives Capri much needed breathing room/flexibility and should drive near-term value to shares.
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Read More on CPRI:
- Prada to acquire Versace, CarMax reports mixed Q4 results: Morning Buzz
- M&A News: Prada (HK:1913) Agrees to Buy Versace for $1.38 Billion
- Capri Holdings Sells Versace to Prada for $1.375B
- Morning Movers: Capri Holdings jumps following sale of Versace to Prada
- Prada agrees to buy Versace for enterprise value of $1.375B