A Jefferies analyst had some bullish comments on Michael Kors on Thursday. Here’s what the report means for mutual fund investors.

On Thursday morning, Jefferies analyst Randal Konik commented on the recent sell-off of Michael Kors. On Tuesday, the stock fell over 8% after a downgrade from a Credit Suisse analyst.

According to Konik: Following a highly competitive Holiday season, our online channel checks show promotional levels at Michael Kors are in check, further reinforced by mgmt’s comments that YTD promo levels were rational during our meeting in mid-Dec. We think concerns here are overblown and would be buyers, especially with KORS shares trading at an all-time low valuation. KORS remains the most compelling name in the handbag space, in our view."

Like Coach (COH), shares of Michael Kors have been falling as investors and analysts fear that the luxury brands have been discounting too much. During this holiday season, KORS offered steep discounts and promoted its lower priced brand MICHAEL. This is concerning to investors as the brand could lose some of its luxury appeal. However, with its most recent drop, the stock is now trading at just 17x 2015 earnings estimates. While this stock has some upside, it could see additional downside if there is a downturn in the economy.

Investors interested in KORS may also be interested in the funds listed below. These funds currently have the largest stakes in the company.

The funds above offer investors a diverse group of holdings. Investors interested in KORS may also be interested in Coach (COH) or Kate Spade (KATE).