Capri Holdings price target lowered to $23 from $24 at Baird

Baird lowered the firm’s price target on Capri Holdings (CPRI) to $23 from $24 and keeps a Neutral rating on the shares. The firm said they reported below-consensus FQ2 results and no guidance was provided given the pending acquisition, with weaker sales, roughly in-line gross margin, and greater operating expense deleverage.