BUZZ-Capri jumps on report of Versace, Jimmy Choo being up for sale; J.P. Morgan hikes PT

Reuters12-16

BUZZ-Capri jumps on report of Versace, Jimmy Choo being up for sale; J.P. Morgan hikes PT

Updates

** Shares of Michael Kors parent Capri Holdings CPRI.N up about 5% at $22.40 in premarket trading

** Company, working with Barclays, to find buyers for its Versace and Jimmy Choo fashion brands, trade journal Women's Wear Daily $(WWD)$ reported late on Friday, citing sources

** Coach-owner Tapestry TPR.N had terminated its $8.5 billion deal to buy Capri following a legal hurdle on Nov.14 this year

** Capri CEO John Idol had then said that Capri was open to conversations with any company that has an interest in any of its assets

** Separately, brokerage J.P. Morgan raises stock PT to $19 from $15, citing continued trajectory of "gradual improvement" at Capri's brands

** Two of 17 brokerages rate the stock "strong buy" and 15 "hold"; their median PT is $21.50, according to data compiled by LSEG

** Up to last close, stock down about 57% YTD

(Reporting by Anuja Bharat Mistry and Neil J Kanatt in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com;))

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