UBS Group Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Key Points

• UBS Group has raised its price target for Tapestry stock from $73.00 to $112.00, indicating a potential upside of 2.96% from its current price.
• Overall, the stock has received a "Moderate Buy" rating from analysts, with an average target price of $99.72, reflecting positive outlook from multiple analysts.
• In the latest earnings report, Tapestry's EPS was $1.03, surpassing expectations, and revenue increased by 6.9% year-over-year, indicating solid financial performance.

Tapestry (NYSE:TPR - Get Free Report) had its price target upped by equities research analysts at UBS Group from $73.00 to $112.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the luxury accessories retailer's stock. UBS Group's target price indicates a potential upside of 2.96% from the stock's current price.

Several other equities analysts have also weighed in on the company. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Thursday, June 12th. Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Finally, Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $99.72.

Tapestry Trading Up 2.3%

Shares of Tapestry stock opened at $108.78 on Monday. The stock has a market capitalization of $22.59 billion, a P/E ratio of 28.77, a price-to-earnings-growth ratio of 2.14 and a beta of 1.51. Tapestry has a 12-month low of $35.23 and a 12-month high of $110.44. The company has a 50-day simple moving average of $91.01 and a 200 day simple moving average of $80.35. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. Research analysts expect that Tapestry will post 4.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Tapestry

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

Institutional Trading of Tapestry

Several institutional investors have recently modified their holdings of TPR. Curat Global LLC bought a new stake in shares of Tapestry during the 1st quarter valued at about $382,000. China Universal Asset Management Co. Ltd. bought a new position in Tapestry in the 1st quarter valued at about $1,708,000. Nisa Investment Advisors LLC raised its position in Tapestry by 16.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock valued at $4,460,000 after buying an additional 9,049 shares during the last quarter. Abacus FCF Advisors LLC increased its stake in Tapestry by 46.2% in the 4th quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock valued at $2,972,000 after buying an additional 14,384 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Tapestry by 689.0% in the first quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock valued at $913,000 after acquiring an additional 11,679 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

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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