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Michael Kors re-launch of eyewear a multi-year catalyst, says Piper Jaffray

Piper Jaffray believes the recently signed 10-year license agreement between Michael Kors (KORS) and Luxottica (LUX) represents a multi-year opportunity for both companies. After meeting with Luxottica, Piper believes the company's goal of $100M in wholesale sales in three years could prove conservative given the growing appeal for the Michael Kors brand. The firm views eyewear as another comp drive for Michael Kors and a multi-year catalyst for the company. It keeps an Overweight rating on the stock with a $115 price target.