NEW YORK (TheStreet) -- Shares of Michael Kors Holdings (KORS) are up 0.07% to $61.14 after Wedbush initiated coverage on the New York City-based fashion company with a "neutral" rating and $63 price target.
Wedbush analysts said the stock was "on sale" at current levels.
Additionally, analysts thought it was too early to make a call on stabilization due to steady sequential slowing in SSS, traffic and EBIT margin in recent quarters, and higher promotions in the handbag category.
Michael Kors is a luxury brand company that began as a luxury sportswear company, but has expanded into accessories such as bags, jewelries, and watches.
The luxury retailer announced that it plans to report its fourth quarter and fiscal 2015 financial results on May 27.
TheStreet Ratings team rates MICHAEL KORS HOLDINGS LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICHAEL KORS HOLDINGS LTD (KORS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and compelling growth in net income. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."