Now, Konik considers the stock as much of a premium-priced product as the offerings in a Kors store window.
"Investors want to pay a premium" for growth that went from under $400 million a few years ago to $1.2 billion. With that kind of growth rate, "premium evaluation is warranted," the analyst said.
Konik said the company, with 203 stores as of Oct. 1 in high-end malls and high-visibility locations on city streets, wants to open 400 more in North America, which the analyst said is feasible.
"The CEO, John Idol, has done a great job positioning the brand as an aspirational luxury business," he said. He "has widened the consumer net for the company... both domestically and globally."
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Neither Randy Konik nor his company own Michael Kors shares, but Jefferies was a co-manager of the company's initial public offering.