Tapestry (NYSE:TPR) Given New $63.00 Price Target at Evercore ISI

by · The Cerbat Gem

Tapestry (NYSE:TPR – Get Free Report) had its price target lifted by research analysts at Evercore ISI from $47.00 to $63.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the luxury accessories retailer’s stock. Evercore ISI’s price target would suggest a potential upside of 24.70% from the company’s current price.

Several other research analysts have also recently weighed in on TPR. JPMorgan Chase & Co. boosted their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company increased their price target on shares of Tapestry from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. UBS Group dropped their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, August 16th. Finally, Citigroup decreased their price target on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.33.

Read Our Latest Report on Tapestry

Tapestry Stock Up 13.6 %

Shares of TPR stock traded up $6.05 on Friday, hitting $50.52. The stock had a trading volume of 11,715,853 shares, compared to its average volume of 3,212,834. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The business has a 50 day moving average of $43.34 and a 200 day moving average of $41.84. Tapestry has a 12-month low of $25.99 and a 12-month high of $51.59. The stock has a market cap of $11.61 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR – Get Free Report) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $0.95 EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, analysts expect that Tapestry will post 4.47 EPS for the current year.

Institutional Investors Weigh In On Tapestry

Several large investors have recently added to or reduced their stakes in TPR. abrdn plc lifted its position in Tapestry by 4.7% during the third quarter. abrdn plc now owns 39,127 shares of the luxury accessories retailer’s stock valued at $1,840,000 after purchasing an additional 1,756 shares during the last quarter. Pallas Capital Advisors LLC boosted its holdings in shares of Tapestry by 196.7% in the 3rd quarter. Pallas Capital Advisors LLC now owns 17,195 shares of the luxury accessories retailer’s stock worth $765,000 after purchasing an additional 11,399 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Tapestry by 23.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 67,622 shares of the luxury accessories retailer’s stock valued at $3,177,000 after purchasing an additional 12,752 shares during the last quarter. OMNI 360 Wealth Inc. raised its holdings in shares of Tapestry by 12.6% during the 3rd quarter. OMNI 360 Wealth Inc. now owns 12,242 shares of the luxury accessories retailer’s stock valued at $575,000 after buying an additional 1,372 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Tapestry by 7.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer’s stock worth $1,254,000 after buying an additional 1,815 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

About Tapestry

(Get Free Report)

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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