Capri Holdings price target raised to $23 from $21 at BofA

BofA analyst Lorraine Hutchinson raised the firm’s price target on Capri Holdings (CPRI) to $23 from $21 and keeps a Neutral rating on the shares. After a model rebuild to remove Versace, the firm forecasts FY26 EBITDA at just 15% of FY22 levels, notes the analyst. While the firm sees the potential for Michael Kors and Jimmy Choo to recover from trough sales and margins, and notes that its raised price target applies a higher multiple to these trough EBITDA levels, it adds that building back brand heat and margins is “often nonlinear and can take time,” creating near-term uncertainty.