TD Cowen Lowers Rating on Capri Holdings, Cites Execution Risk for Michael Kors Turnaround
TD Cowen downgraded Capri Holdings from Buy to Hold and cut its price target to $17, saying that while early operational improvements at Michael Kors are visible, the brand's return to sustainable growth now depends on near-perfect execution across store experience, product innovation and pricing. The firm values Capri at 7 times fiscal 2028 earnin…