** Shares of Michael Kors owner Capri CPRI.N up about 5% at $22.51

** Raymond James upgrades stock to "outperform" from "market perform", citing signs of sequential improvement after a few "challenging years"

** Brokerage expects CPRI's second-quarter results to beat estimates, helped by promotional offerings boosting demand

** Three of 14 brokerages rate stock "buy" or higher, 10 "hold", one "sell"; their median PT is $23 - data compiled by LSEG

** Up to last close, CPRI stock down ~2% YTD

(Reporting by Anshi Sancheti in Bengaluru)

((Anshi.Sancheti@thomsonreuters.com))