Capri Holdings price target lowered to $26 from $42 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Capri Holdings (CPRI) to $26 from $42 and keeps a Market Perform rating on the shares. After a federal judge granted a preliminary injunction preventing the company from merging with Tapestry (TPR), the question now is where the company go from here, the analyst tells investors. The company has suffered from execution missteps while also facing a slowing global macro demand environment and ongoing challenges to the wholesale, the firm adds. If the Tapestry acquisition falls through, Capri could potentially seek another suitor, Telsey adds. The firm is lowering its price target on the stock given the deterioration in earnings and lack of visibility going forward.