Capri Holdings Limited (CPRI) saw a significant rise in its stock price on November 26, 2024, closing at $22.84, up 6.04% from the previous close of $21.54. The stock opened at $22.21 and reached a high of $23.11 during the trading session, with a notable volume of 7,205,049 shares, significantly above its average. The surge was primarily driven by Guggenheim's upgrade of Capri Holdings from "neutral" to "buy," with a new price target of $30.00, citing the company's potential for a significant earnings recovery and the intrinsic value of its portfolio. This upgrade provided a positive outlook amid mixed analyst ratings, contributing to the stock's upward momentum.
Additionally, Capri Holdings announced a leadership reorganization at its Michael Kors brand, with CEO John Idol taking over as CEO of Michael Kors, and Philippa Newman being promoted to Chief Product Officer. These strategic changes aim to reinvigorate the brand and stabilize revenues, further boosting investor confidence.