He downgrade KORS this morning based on "valuation" as KORS closed at $76.40! There is no homework done by this analyst. Has he cited channel checks? Has he presented any new information regarding KORS? Why did he not downgrade KORS last month when it traded at $78.62 on September 19?
This guy loses all credibility for this downgrade, and it will be proven after KORS reports next week, and analysts will be upgrading, and raising price targets.
Everybody has an agenda. Wells Fargo must be short KORS....
I agree it is a strange time for a downgrade however it was a market perform from outperform. Seems like earnings and growth guidance could send these shares higher for a few more quarters. Strange time to downgrade on the same day as KORS is added to S&P 500. That will create a little demand for shares on its own. Looking forward to earnings & cc.