Tapestry (NYSE:TPR) Given New $66.00 Price Target at JPMorgan Chase & Co.

Tapestry (NYSE:TPR) had its price target raised by research analysts at JPMorgan Chase & Co. from $51.00 to $66.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the luxury accessories retailer’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 30.00% from the stock’s previous close.

Several other analysts have also recently weighed in on TPR. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Evercore ISI reduced their price target on Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Wells Fargo & Company boosted their price target on Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday. Telsey Advisory Group reiterated an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. Finally, UBS Group reduced their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.57.

Tapestry Price Performance

TPR stock traded up $6.30 during midday trading on Friday, reaching $50.77. The company had a trading volume of 10,738,323 shares, compared to its average volume of 3,209,384. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The stock has a 50 day moving average price of $43.34 and a 200-day moving average price of $41.84. Tapestry has a 1-year low of $25.99 and a 1-year high of $51.59. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Equities research analysts expect that Tapestry will post 4.47 earnings per share for the current year.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its position in shares of Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after purchasing an additional 28,038 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Tapestry during the 2nd quarter valued at approximately $3,718,000. Lazard Asset Management LLC grew its holdings in Tapestry by 611.8% during the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after buying an additional 54,679 shares in the last quarter. Clearbridge Investments LLC bought a new stake in shares of Tapestry in the 1st quarter valued at approximately $54,055,000. Finally, SG Americas Securities LLC lifted its stake in shares of Tapestry by 174.8% in the 1st quarter. SG Americas Securities LLC now owns 95,076 shares of the luxury accessories retailer’s stock valued at $4,514,000 after purchasing an additional 60,480 shares during the last quarter. 90.77% of the stock is currently owned by 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.