Piper Jaffray calls out improving trends at Michael Kors

• Piper Jaffray upgrades Michael Kors (KORS) to an Overweight rating from Neutral with North American trends improving. A price target of $67 is assigned.
• The investment firm says recent channel checks and its proprietary teenager survey show growing momentum for the Michael Kors brand.
• "We view the current valuation (11.7x consensus forward estimates) as an attractive entry point," reads the PJ note.
• KORS +3.35% premarket to $55.20.