Capri Holdings Shares Rise Over 7% Following Strong Q2 Earnings and Analyst Upgrades
Capri Holdings (CPRI) saw its stock price surge by more than 7% on Monday, driven by a strong fiscal second-quarter earnings report and subsequent price target increases from major investment banks. Despite a year-over-year revenue decline of nearly 6% to $809 million, the company reported an adjusted net income of $45 million, significantly exceeding analyst profitability expectations. The market responded positively to the company's ability to beat top and bottom-line estimates while managing costs. Analysts from Goldman Sachs and Barclays both raised their price targets for CPRI to $24. While the Michael Kors unit remains in a turnaround phase, the strong performance of the Jimmy Choo brand has provided significant momentum for the fashion conglomerate.
Topics: analyst price target increase consumer discretionary earnings report stock price movement