Capri rises after Guggenheim upgrades to 'buy'
** Michael Kors parent Capri Holdings' CPRI.N shares rise 4.1% to $22.40
** Guggenheim upgrades stock to "buy" from "neutral"; says its valuation is depressed and that management can take steps to increase shareholder value; setsPT of $30
** Capri's buyout deal with Tapestry TPR.N fell through earlier this month; TPR pulled a $8.5 bln bid for CPRIfollowing a legal hurdle
** While the Michael Kors brand has deteriorated, we don't think it is beyond repair; Versace and Jimmy Choo brands remain attractive - Guggenheim
** Brokerage believes co has multiple avenues for value creation and thinks a change of Kors leadership might be necessary
** Capri says on Tuesday that John D. Idol, chairman and CEO of Capri Holdings, will assume the role of CEO of Michael Kors
** Avg rating of 16 brokerages is "hold"; median PT is $21 - LSEG data
** Including session's move, CPRI stock down 55.3% YTD
Reporting by Sukriti Gupta in Bengaluru
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