Baird upgraded Capri Holdings (CPRI) to Outperform from Neutral with an unchanged price target of $26. The post-earnings share selloff “looks harsh” considering Capri posted a slight sales and earnings beat with a steady outlook, the analyst tells investors in a research note. The firm attributes the weakness to a lack of “big incremental positives to catalyze a turn in sentiment.” It believes Capri’s risk/reward looks attractive at current levels given the “green shoots” at Michael Kors and the company’s gross margin improvement.
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