UBS Group Lowers Tapestry (NYSE:TPR) Price Target to $105.00

Key Points

• UBS Group has lowered its price target for Tapestry from $112.00 to $105.00, maintaining a "neutral" rating while indicating a potential upside of 6.83% from the stock's previous close.
• Other analysts have mixed ratings for Tapestry, with Barclays and Raymond James Financial recently reaffirming higher price targets of $105.00 and $115.00 respectively, while Bank of America and UBS Group have adjusted their ratings down.
• Tapestry reported earnings of $1.04 per share for the last quarter, exceeding estimates, and its revenue increased by 8.3% year-over-year, reaching $1.72 billion.

Tapestry (NYSE:TPR - Get Free Report) had its target price reduced by investment analysts at UBS Group from $112.00 to $105.00 in a report issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the luxury accessories retailer's stock. UBS Group's price target suggests a potential upside of 6.83% from the stock's previous close.

TPR has been the subject of several other research reports. Barclays reaffirmed an "overweight" rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price objective (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Bank of America cut shares of Tapestry from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $95.00 to $115.00 in a research report on Tuesday, July 29th. Citigroup boosted their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Argus increased their target price on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $102.79.

Tapestry Stock Performance

Shares of Tapestry stock traded up $2.60 during trading on Friday, reaching $98.29. The company's stock had a trading volume of 1,300,392 shares, compared to its average volume of 4,935,205. The business's 50-day moving average price is $96.44 and its 200-day moving average price is $82.49. The firm has a market cap of $20.41 billion, a PE ratio of 25.88, a P/E/G ratio of 2.28 and a beta of 1.51. Tapestry has a 52 week low of $39.10 and a 52 week high of $114.05. 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 posted its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.02. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the prior year, the business posted $0.92 earnings per share. Tapestry's revenue was up 8.3% compared to the same quarter last year. Equities analysts forecast that Tapestry will post 4.91 earnings per share for the current year.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. acquired a new stake in Tapestry during the 1st quarter valued at approximately $1,708,000. Curat Global LLC acquired a new stake in Tapestry during the 1st quarter valued at approximately $382,000. Nisa Investment Advisors LLC increased its position in Tapestry by 16.7% during 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 purchasing an additional 9,049 shares during the period. Allworth Financial LP increased its position in Tapestry by 689.0% during the 1st quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock valued at $913,000 after purchasing an additional 11,679 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in Tapestry during the 1st quarter valued at approximately $1,476,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.