Top 5 Luxury Clothing Stocks to Buy

3. Capri Holdings Limited (NYSE:CPRI)

Number of Hedge Fund Holders: 53

Capri Holdings Limited (NYSE:CPRI) is behind some of the world’s most famous luxury brands, including Michael Kors, Versace and Jimmy Choo. Capri Holdings Limited (NYSE:CPRI) saw a huge rise in interest from hedge funds in the last quarter of 2022. Insider Monkey’s database of 943 hedge funds shows that 53 hedge funds had stakes in Capri Holdings Limited (NYSE:CPRI), compared to 44 hedge funds in the previous quarter. The collective value of these hedge funds’ stakes is $1.3 billion. The biggest stakeholder of Capri Holdings Limited (NYSE:CPRI) is Richard Mashaal’s Rima Senvest Management which owns a $391 million stake in the firm.

In February, Capri Holdings Limited (NYSE:CPRI) lost a lot of value after posting weak Q3 results. However, Citi said in a note that the selloff was overblown. While Citi’s Paul Lejuez  acknowledged that the quarterly results and guidance cut were a “disappointment,” he believes the 25% decline in Capri Holdings Limited (NYSE:CPRI) price was “unwarranted.” The analyst thinks “Kors’ retail channel supports the underlying health of the brand.”

The analyst reaffirmed a Buy rating on Capri Holdings Limited (NYSE:CPRI) but cut his price target to $63 from $75.