After selling off yesterday along with other retail names, Michael Kors (KORS -3.3%) is lower...

|About: Michael Kors Holdings (KORS)|By:, SA News Editor

After selling off yesterday along with other retail names, Michael Kors (KORS -3.3%) is lower today thanks to a critical note from Citi. Analyst Oliver Chen says checks indicate discounts for Kors handbags are greater than those seen on Black Friday, and in some cases amount to 30%-50% below their retail price. He's lowering his estimates and slashing his PT to $60 from $68, albeit while maintaining a Buy.