Capri Holdings, the parent company of luxury brands Michael Kors and Versace, saw its shares rise following bullish upgrades from Citi and Wells Fargo. Both financial institutions have turned optimistic on Capri Holdings, citing an undervalued stock with a favorable risk/reward profile. Citi analysts highlighted the potential upside if brand performance improves post a blocked merger, while Wells Fargo pointed to stable demand in the U.S. and Europe as a foundation for future success. These upgrades have sparked investor interest, contributing to the stock's upward momentum.
The positive sentiment from these major financial firms comes as Capri Holdings navigates a challenging retail environment, with analysts emphasizing the company's strong positioning and growth opportunities. The upgrades suggest confidence in Capri's ability to capitalize on its brand portfolio and market conditions, providing a boost to investor confidence.
Capri Holdings (CPRI) shares are currently trading at $22.93, marking a 6.60% increase from the previous close of $21.51 on January 9th.