Tapestry (NYSE:TPR) Price Target Cut to $125.00 by Analysts at Evercore ISI

Key Points

• Evercore ISI has lowered Tapestry's price target from $130.00 to $125.00, while maintaining an "outperform" rating, indicating a 24.18% potential upside from its current stock price.
• Other analysts have mixed views on Tapestry, with Wells Fargo reiterating an "overweight" rating with a target of $120.00, while JPMorgan Chase & Co. raised their target dramatically from $104.00 to $145.00.
• Tapestry reported $1.04 earnings per share for the last quarter, exceeding expectations and reflecting an 8.3% increase in revenue year-over-year.

Tapestry (NYSE:TPR - Get Free Report) had its price target reduced by equities research analysts at Evercore ISI from $130.00 to $125.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the luxury accessories retailer's stock. Evercore ISI's price target suggests a potential upside of 24.18% from the stock's current price.

A number of other equities research analysts have also recently commented on TPR. Wells Fargo & Company restated an "overweight" rating and set a $120.00 target price (up previously from $100.00) on shares of Tapestry in a research note on Thursday. Cowen reaffirmed a "buy" rating on shares of Tapestry in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Wall Street Zen lowered shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Bank of America downgraded Tapestry from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $95.00 to $115.00 in a research report on Tuesday, July 29th. Four analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $105.47.

Tapestry Stock Performance

Shares of TPR traded up $4.97 during trading hours on Friday, hitting $100.66. The company's stock had a trading volume of 3,846,917 shares, compared to its average volume of 4,951,248. The business has a 50 day simple moving average of $96.44 and a two-hundred day simple moving average of $82.49. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. Tapestry has a 52-week low of $39.10 and a 52-week high of $114.05. The company has a market cap of $20.91 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.28 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business's quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.92 EPS. On average, equities analysts expect that Tapestry will post 4.91 earnings per share for the current fiscal year.

Institutional Trading of Tapestry

Institutional investors have recently bought and sold shares of the company. First PREMIER Bank purchased a new stake in Tapestry during the second quarter worth $25,000. Vestor Capital LLC purchased a new stake in Tapestry during the second quarter worth $27,000. Flaharty Asset Management LLC purchased a new stake in Tapestry during the first quarter worth $25,000. Harbour Investments Inc. boosted its position in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares in the last quarter. Finally, CVA Family Office LLC boosted its position in Tapestry by 224.8% during the second quarter. CVA Family Office LLC now owns 380 shares of the luxury accessories retailer's stock worth $33,000 after purchasing an additional 263 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.

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