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New Stock Coverage: Kiss Me, Kate Spade


Wall Street ratings agencies set the tone for today's stock market.

Today's headline analyst initiation Kate Spade (NYSE:KATE) was long known as Fifth & Pacific and also owned Juicy Couture. The fashion firm has been a stellar performer for shareholders, having returned some 72.74% in the past year. Kate Spade's most recent earnings announcement revealed a large increase in sales, many coming at the expense of its beleaguered rival Coach, Inc. (NYSE:COH).
The Oracle of Omaha, heading into his Weekend With Warren, has underperformed the S&P 500 (INDEXSP:.INX) in four of the last five years. Meanwhile, Mr. Gross is coming off of four straight similarly miserable months, and then some. Clearly, a brutal Winters has left both men sneezing badly, but when, respectively, the world's most celebrated stock and bond gurus are each enduring such tough times, what hope is there for us mere mortals? Thus it was that investors did stay away from Dow Industrials (INDEXDJX:.DJI) at the start of May as blue chips sold off slightly in light trading. A few equities did stand out in an otherwise lackluster session. Not least Berkshire Hathaway (NYSE:BRK.B) itself, which hit an historic high on the eve of its annual meeting. As, indeed, did America's largest pharmacy chain Walgreen (NYSE:WAG) with a 2.25% advance. Normally, it's the chemists who are desperately creepy, but this time it was one of Walgreen's own customers. And in Omaha, of all places. The "capitalist Woodstock" taking place in Nebraska's largest city thus promises to be even more entertaining than usual. Elsewhere, Toronto Dominion (NYSE:TD) ended off 0.83%. It was laid low by an iffy analyst initiation even as the city's mayor allegedly got high in his sister's basement.
Today in economics, factory orders for March are expected to slip slightly from February's pace at 10:00 a.m. E.D.T. On the corporate front, another frenetic week for first-quarter earnings announcements concludes with Chevron (NYSE:CVX), CVS Caremark (NYSE:CVS), Estée Lauder (NYSE:EL), and Madison Square Garden (NASDAQ:MSG) all releasing results.
Now let's turn to this morning's new stock coverage, a list that includes an audio outfit in addition to Kate Spade.
Accessories & ApparelMichael Kors Holdings (NYSE:KORS), which has had an excellent week, is a new Buy ($116 price target) at Nomura, which assigns an identical rating on our headline stock Kate Spade.
Gentex (NASDAQ:GNTX): Shares are an Outperform at FBR Capital, whose target price is $39.
Gran Tierra Energy (TSE:GTE): Goldman Sachs has a new Neutral on the name.
Harman International (NYSE:HAR): Shares in the audio pioneer are picked up at Perform by FBR Capital.
Methode Electronics (NYSE:MEI): The stock is an Outperform at FBR Capital, whose target is $37. Solid revenue growth is cited.

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No positions in stocks mentioned.
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