Tapestry (NYSE:TPR) Price Target Raised to $48.00

Tapestry (NYSE:TPR - Get Free Report) had its target price hoisted by Bernstein Bank from $46.00 to $48.00 in a note issued to investors on Thursday. Bernstein Bank's target price indicates a potential upside of 18.90% from the stock's current price.

A number of other research firms have also recently weighed in on TPR. The Goldman Sachs Group raised their price target on shares of Tapestry from $41.00 to $47.00 and gave the company a "buy" rating in a report on Friday, February 9th. Evercore ISI raised shares of Tapestry from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $54.00 price target on shares of Tapestry in a report on Wednesday, March 27th. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, April 18th. Finally, Raymond James upped their target price on Tapestry from $40.00 to $44.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and a consensus target price of $47.82.

Tapestry Stock Up 3.6 %

Tapestry stock traded up $1.39 during midday trading on Thursday, hitting $40.37. 5,358,528 shares of the company's stock were exchanged, compared to its average volume of 3,852,467. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. Tapestry has a 12 month low of $25.99 and a 12 month high of $48.80. The firm has a 50-day moving average of $43.78 and a two-hundred day moving average of $38.63. The company has a market cap of $9.26 billion, a PE ratio of 9.83, a P/E/G ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.14. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the business earned $0.78 EPS. The firm's quarterly revenue was down 2.0% on a year-over-year basis. As a group, analysts expect that Tapestry will post 4.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently modified their holdings of the business. FDx Advisors Inc. boosted its stake in Tapestry by 34.5% during the third quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer's stock worth $251,000 after buying an additional 2,240 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Tapestry by 9.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer's stock valued at $10,527,000 after purchasing an additional 23,532 shares during the period. Lecap Asset Management Ltd. purchased a new position in Tapestry during the fourth quarter worth about $1,107,000. Assenagon Asset Management S.A. boosted its holdings in Tapestry by 189.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer's stock valued at $6,556,000 after purchasing an additional 149,268 shares during the last quarter. Finally, FCF Advisors LLC purchased a new stake in shares of Tapestry in the 4th quarter valued at approximately $1,013,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Company Profile

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.