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Shares of Liz Claiborne (NYSE: LIZ) tumbled this week on an even weaker than expected second quarter earnings report, but the stock has since moved back to where it was before the release. Still: it's trading at $14.85, compared with the $40+ per share it was fetching in early 2007.Suffice it to say, investors are skeptical about the company's prospects for a turnaround. The company said it expects to earn $1.40-$1.50 per share for 2008 so the price/earnings ratio is in the 10-range.
But there could be reason to expect tremendous upside over the long-term: back in January, the company signed legendary designer Isaac Mizrahi. At the time, I wrote that "If anyone can save the struggling fashion house, it's the man they just signed to be creative director of the company's flagship brand: Isaac Mizrahi. You can be sure he didn't come cheap, but he's just what they need. After all, this is the guy who actually managed to make Target (NYSE: TGT) a cool place to shop for clothes."
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