Citi resumed coverage of Capri Holdings (CPRI) with a Buy rating and $31 price target following a period of having suspended its rating due to the sale of Versace. While results in recent quarters have been weak on an absolute basis, the firm continues to believe that the Michael Kors brand “has been mismanaged but is not dead” and has significant cash generating potential and notes that Capri has significantly delevered its balance sheet with the sale of Versace.
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