It comes after the affordable luxury accessories maker's Chairman and CEO John Idol told investors to expect weaker margin growth despite strong first-quarter earnings.
Morris lowered his price target on the company to $80 a share from $90 after the report. He kept his "hold" rating.
"Right now, the stock is probably dead money until we get clarity on where that margin floor is going to be," said Morris. "I'm pulling for Kors. I want them to come back and really show us that you know this isn't a pure product proliferation because this management team is doing a lot of really creative things."
Shares of Michael Kors, which were up as much as 16 percent before the bell, closed down nearly 6 percent to $77.01.
—By CNBC's Stephanie Landsman