Pursuits
Michael Kors Drops After Credit Suisse Analyst Lowers Rating
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Michael Kors Holdings Ltd. fell the most in more than two months in New York trading after Credit Suisse Group AG cut its rating on the stock, saying slowing handbag demand has led to a “dramatic” increase in discounting.
Christian Buss, a New York-based analyst for Credit Suisse, lowered his rating to neutral from the equivalent of a buy. He now expects the stock to reach $79 over the next 12 months, compared with a previous target of $103.