JPMorgan Chase & Co. Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Key Points

• JPMorgan Chase & Co. has raised its target price for Tapestry's stock from $104 to $145, indicating a potential upside of 33.80% from its current price.
• Tapestry's consensus rating is currently "Moderate Buy," with eighteen analysts giving it a buy rating and a recent average price target of $93.11.
• The luxury accessories retailer reported a quarterly EPS of $1.03, exceeding the consensus estimate by $0.14, and saw a 6.9% year-over-year revenue increase to $1.58 billion.

Tapestry (NYSE:TPR - Get Free Report) had its target price upped by equities researchers at JPMorgan Chase & Co. from $104.00 to $145.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the luxury accessories retailer's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 33.80% from the company's current price.

Other research analysts have also issued reports about the stock. Raymond James Financial reiterated an "outperform" rating and issued a $115.00 price objective (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research note on Thursday, May 8th. Argus lifted their price objective on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Barclays reiterated an "overweight" rating and issued a $105.00 price objective (up from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Finally, UBS Group increased their target price on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of "Moderate Buy" and an average price target of $93.11.

Tapestry Price Performance

Tapestry stock opened at $108.37 on Monday. Tapestry has a 12 month low of $35.23 and a 12 month high of $110.22. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The business's 50 day simple moving average is $88.21 and its 200 day simple moving average is $78.94. The company has a market cap of $22.51 billion, a price-to-earnings ratio of 28.52, a PEG ratio of 2.23 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. Tapestry's revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts forecast that Tapestry will post 4.91 EPS for the current year.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Institutional Trading of Tapestry

Several hedge funds have recently added to or reduced their stakes in TPR. Southpoint Capital Advisors LP bought a new stake in Tapestry in the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after purchasing an additional 1,875,753 shares during the period. Norges Bank purchased a new stake in shares of Tapestry during the fourth quarter valued at approximately $114,199,000. Point72 Asset Management L.P. purchased a new stake in shares of Tapestry during the fourth quarter valued at approximately $101,433,000. Finally, Candlestick Capital Management LP purchased a new stake in shares of Tapestry during the fourth quarter valued at approximately $66,902,000. 90.77% of the stock is owned by institutional investors.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.

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