Michael Kors upgradeto Buy tgt raised to $58
Canaccord Genuity upgrades KORS to Buy from Hold and raises their tgt to $58 from $43 noting, "After a multi-year stretch of excessive promotions, stale innovation in handbags, and a watch category that disproportionately depressed comps and collapsed EBIT margins, we believe the strategic steps management has recently begun implementing are showing early signs of traction. We believe the turn KORS management is orchestrating will result in a multi-step P&L march upward that will manifest through both comps and gross margins over the next few years . . ."