UPDATE: Bernstein Upgrades Michael Kors (KORS) to Market Perform

(updated to add analyst name and comment)

Bernstein analyst Jamie Merriman upgraded Michael Kors (NYSE: KORS) from Underperform to Market Perform.

The analyst says the valuation better reflects the risks to the company now. He is forecasting flat LSD growth in Retail and Wholesale. He still expects Licensing segment to experience declines as the company still struggles to gain brand traction according to his review of recent Google Trends data.

For an analyst ratings summary and ratings history on Michael Kors click here. For more ratings news on Michael Kors click here.

Shares of Michael Kors closed at $47.78 yesterday.

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