Tapestry (NYSE:TPR) Coverage Initiated by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage of Tapestry with an “overweight” rating and a $159 price target, implying 16.72% upside from the stock’s then-current price.
• Analyst sentiment was broadly positive: Tapestry had a “Moderate Buy” consensus rating and an average price target of $167.26, based on one Strong Buy, 16 Buy, and five Hold ratings.
• Tapestry’s latest quarterly results beat estimates, with earnings of $1.82 per share versus $1.56 expected and revenue of $1.89 billion versus $1.85 billion expected; revenue rose 11.1% year over year.

Stock analysts at Cantor Fitzgerald initiated coverage on shares of Tapestry (NYSE:TPR - Get Free Report) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set an "overweight" rating and a $159.00 price target on the luxury accessories retailer's stock. Cantor Fitzgerald's price objective points to a potential upside of 16.72% from the stock's current price.

Several other equities research analysts have also recently commented on the stock. Argus dropped their target price on shares of Tapestry from $165.00 to $148.00 and set a "buy" rating for the company in a research report on Tuesday, August 18th. Evercore decreased their price target on shares of Tapestry from $175.00 to $160.00 and set an "outperform" rating for the company in a research note on Friday, August 14th. JPMorgan Chase & Co. increased their price target on shares of Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Robert W. Baird lowered their price objective on shares of Tapestry from $165.00 to $150.00 and set an "outperform" rating for the company in a report on Tuesday, October 27th. Finally, Raymond James Financial cut their price objective on Tapestry from $165.00 to $140.00 and set an "outperform" rating on the stock in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $167.26.

Tapestry Price Performance

TPR opened at $136.22 on Tuesday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The stock has a market capitalization of $27.16 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.44. The stock's 50 day moving average price is $117.62 and its 200-day moving average price is $136.97. Tapestry has a 52-week low of $99.00 and a 52-week high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.26. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm's revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.38 earnings per share. On average, equities research analysts predict that Tapestry will post 8.29 EPS for the current year.

Insiders Place Their Bets

In other news, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value of $670,357.80. Following the sale, the insider directly owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joanne Crevoiserat sold 27,761 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares of the company's stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.28% of the company's stock.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently bought and sold shares of TPR. Cetera Trust Company N.A bought a new position in Tapestry in the 2nd quarter valued at approximately $26,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Tapestry during the 2nd quarter valued at about $31,000. Virtus Advisers LLC bought a new position in Tapestry in the second quarter worth approximately $32,000. GK Wealth Management LLC purchased a new position in shares of Tapestry during the 3rd quarter worth $28,000. Finally, Signature Equity Partners LLC boosted its stake in shares of Tapestry by 1,516.7% during the 3rd quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 273 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Tapestry Company Profile

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