BUZZ-Capri rises after Guggenheim upgrades to 'buy'

Reuters11-26
BUZZ-Capri rises after Guggenheim upgrades to 'buy'

** Michael Kors parent Capri Holdings' CPRI.N shares rise 4.1% to $22.40

** Guggenheim upgrades stock to "buy" from "neutral"; says its valuation is depressed and that management can take steps to increase shareholder value; sets PT of $30

** Capri's buyout deal with Tapestry TPR.N fell through earlier this month; TPR pulled a $8.5 bln bid for CPRI following a legal hurdle

** While the Michael Kors brand has deteriorated, we don't think it is beyond repair; Versace and Jimmy Choo brands remain attractive - Guggenheim

** Brokerage believes co has multiple avenues for value creation and thinks a change of Kors leadership might be necessary

** Capri says on Tuesday that John D. Idol, chairman and CEO of Capri Holdings, will assume the role of CEO of Michael Kors

** Avg rating of 16 brokerages is "hold"; median PT is $21 - LSEG data

** Including session's move, CPRI stock down 55.3% YTD

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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