Citi upgraded Capri Holdings (CPRI) to Buy from Neutral with a price target of $29, up from $21. Wells Fargo also upgraded the shares this morning. Capri has had a tough couple of years but the market seems to be valuing the company as if its portfolio of brands “are on a path to extinction,” the analyst tells investors in a research note. Citi does not believe they are, which it says “creates a very favorable risk/reward if anything were to go right.” Any signs of stabilization/improvement could move the stock higher, the analyst tells investors in a research note. Further, if Capri could monetize one or more of its brands, it may highlight the true market value of its assets, contends Citi.
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