Tapestry (NYSE:TPR) Price Target Cut to $150.00 by Analysts at Robert W. Baird

Key Points

• Robert W. Baird lowered Tapestry’s price target from $165 to $150 while maintaining an “outperform” rating, implying 35.32% upside from the prior close.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $170.62, though several firms have recently reduced their targets or downgraded the stock.
• Tapestry’s latest quarterly results exceeded expectations, with EPS of $1.32 versus the $1.28 consensus and revenue of $1.88 billion; the stock opened at $110.85 and has recently seen insider selling.

Tapestry (NYSE:TPR - Get Free Report) had its price objective decreased by Robert W. Baird from $165.00 to $150.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an "outperform" rating on the luxury accessories retailer's stock. Robert W. Baird's price target indicates a potential upside of 35.32% from the stock's previous close.

A number of other brokerages also recently issued reports on TPR. Zacks Research downgraded Tapestry from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Morgan Stanley lowered their price objective on Tapestry from $164.00 to $159.00 and set an "overweight" rating for the company in a research report on Friday, August 14th. Sanford C. Bernstein reaffirmed a "market perform" rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Raymond James Financial decreased their price target on Tapestry from $165.00 to $140.00 and set an "outperform" rating for the company in a research note on Friday, October 16th. Finally, Wall Street Zen downgraded Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $170.62.

Tapestry Stock Performance

NYSE:TPR opened at $110.85 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's fifty day moving average is $118.95 and its 200 day moving average is $137.47. The firm has a market capitalization of $22.10 billion, a PE ratio of 15.21, a PEG ratio of 1.40 and a beta of 1.42. Tapestry has a fifty-two week low of $93.00 and a fifty-two week high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter in the prior year, the firm posted $1.04 earnings per share. The company's quarterly revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts anticipate that Tapestry will post 7.94 earnings per share for the current year.

Insider Activity

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the transaction, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.28% of the company's stock.

Institutional Trading of Tapestry

Several large investors have recently made changes to their positions in the company. Park Avenue Securities LLC boosted its position in shares of Tapestry by 6.0% during the 3rd quarter. Park Avenue Securities LLC now owns 14,181 shares of the luxury accessories retailer's stock valued at $1,631,000 after acquiring an additional 800 shares during the last quarter. WESPAC Advisors LLC grew its holdings in shares of Tapestry by 16.9% in the third quarter. WESPAC Advisors LLC now owns 6,934 shares of the luxury accessories retailer's stock valued at $798,000 after purchasing an additional 1,003 shares during the period. Westover Capital Advisors LLC acquired a new stake in Tapestry during the third quarter worth about $426,000. Viewpoint Investment Partners Corp acquired a new stake in Tapestry during the third quarter worth about $276,000. Finally, Apollon Wealth Management LLC increased its position in Tapestry by 3.1% during the third quarter. Apollon Wealth Management LLC now owns 5,249 shares of the luxury accessories retailer's stock worth $604,000 after purchasing an additional 160 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women's footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.

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