NEW YORK (TheStreet) -- Shares of Michael Kors Holding Ltd (KORS) are up 0.7% to $46.25 in early market trading Thursday, despite the luxury goods retailer receiving downgrades at several firms this morning following its disappointing fiscal 2015 fourth-quarter earnings results.
Analysts at Goldman Sachs downgraded the fashion brand to "neutral" from "buy" this morning. The firm also lowered its price target to $50 from its prior $93, saying it lacks sales visibility.
Telsey Advisory also lowered its rating to "market perform" from "outperform" with the same $50 objective, citing its lower sales outlook.
And, Stephens downgraded Michael Kors to "equal weight" from "overweight." The firm cut its price target to $52 from $85, due to negative North American same store sales and weak guidance.
Michael Kors reported earnings of 90 cents per share for the fourth quarter early Wednesday, missing analysts' estimates by a penny.
The retailer posted revenue of $1.1 billion for the quarter, in-line with analysts' expectations, according to Thomson Reuters data.
Comparable store sales in North America, a key industry metric, fell by 6.7% for the fourth quarter. Analysts had expected a 4.4% rise.
In addition, the company repurchased more than 1.4 million shares, totaling about $92 million.
Looking ahead, Michael Kors issued fiscal 2016 guidance below analysts' expectations.
For fiscal 2016, Michael Kors is guiding for earnings in the range of $4.40 to $4.50 per diluted share. Analysts are expecting earnings of $4.70 per share for the year.
The company guided for revenue between $4.7 billion and $4.8 billion, also lower compared to the $5.05 billion consensus estimate.