Telsey Advisory Group Issues Positive Forecast for Tapestry (NYSE:TPR) Stock Price

Key Points

• Telsey Advisory Group raised its price target for Tapestry from $160 to $175 and maintained an “outperform” rating, implying 9.89% upside from the prior close.
• Analyst sentiment remains favorable, with Tapestry holding a “Moderate Buy” consensus rating and an average price target of $175.44; targets from other firms range as high as $230.
• Tapestry exceeded quarterly expectations, reporting $1.66 in EPS versus a $1.30 consensus estimate and $1.92 billion in revenue, up 21.2% year over year. Shares opened at $159.24, near the 52-week high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) had its price target upped by stock analysts at Telsey Advisory Group from $160.00 to $175.00 in a report released on Thursday. The brokerage currently has an "outperform" rating on the luxury accessories retailer's stock. Telsey Advisory Group's price target suggests a potential upside of 9.89% from the stock's previous close.

Several other research firms have also weighed in on TPR. Sanford C. Bernstein reiterated an "outperform" rating and issued a $180.00 target price on shares of Tapestry in a report on Tuesday, June 2nd. Barclays lifted their price target on shares of Tapestry from $179.00 to $182.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Raymond James Financial reiterated an "outperform" rating and issued a $165.00 price objective on shares of Tapestry in a report on Thursday, April 23rd. Citigroup increased their price objective on Tapestry from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Finally, UBS Group raised their target price on Tapestry from $187.00 to $230.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $175.44.

Tapestry Stock Up 2.1%

Shares of NYSE:TPR opened at $159.24 on Thursday. Tapestry has a 52-week low of $92.62 and a 52-week high of $161.97. The stock has a market cap of $32.17 billion, a P/E ratio of 51.04, a PEG ratio of 1.42 and a beta of 1.43. The business has a fifty day moving average of $145.04 and a two-hundred day moving average of $143.70. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping the consensus estimate of $1.30 by $0.36. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The company's quarterly revenue was up 21.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.03 EPS. On average, research analysts expect that Tapestry will post 6.97 earnings per share for the current year.

Insider Buying and Selling

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,776 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the sale, the chief executive officer owned 652,434 shares of the company's stock, valued at $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.32% of the company's stock.

Institutional Investors Weigh In On Tapestry

A number of institutional investors have recently modified their holdings of the company. Acumen Wealth Advisors LLC purchased a new position in Tapestry during the 4th quarter valued at about $28,000. Triumph Capital Management purchased a new stake in Tapestry during the third quarter worth about $29,000. Steph & Co. lifted its position in shares of Tapestry by 128.7% during the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock worth $30,000 after purchasing an additional 130 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Tapestry during the fourth quarter worth about $31,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Tapestry in the fourth quarter valued at approximately $32,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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