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Michael Kors crashed 24 percent after a disappointing fourth-quarter earnings report and forecast, but "Fast Money" trader Guy Adami says it's time to make a bet on this stock.
The luxury retailer is still up about 144 percent since its IPO in December of 2011, but in the last year has struggled to keep up that momentum. Adami explained that while the stock is challenged, it's not yet broken, "The price action of May 27 was the selling capitulation that, although painful, should be embraced by bulls."
In its recent earnings report, Michael Kors reported a decline in sales as well as a weak forecast, which sent shares tumbling. Before this, Kors had managed to outdo rivals Kate Spade and Coach, with consecutive quarters of revenue growth. It remains to be seen whether that growth trajectory is coming to halt.
Adami recommends going long the stock at current levels, targeting a bounce up to the high $50s, and stopping out at the stock's recent low of $45.50.
Guy Adami has no position in Michael Kors.