Tapestry (NYSE:TPR) Price Target Raised to $70.00

Tapestry (NYSE:TPR) had its price objective hoisted by equities research analysts at Guggenheim from $60.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the luxury accessories retailer’s stock. Guggenheim’s price objective suggests a potential upside of 22.25% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. Raymond James restated an “outperform” rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. UBS Group dropped their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, Telsey Advisory Group raised their price objective on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $57.06.

Tapestry Price Performance

TPR traded down $0.56 during trading on Friday, hitting $57.26. 2,320,236 shares of the company traded hands, compared to its average volume of 3,327,847. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The company has a market cap of $13.34 billion, a PE ratio of 16.53, a P/E/G ratio of 1.78 and a beta of 1.53. The stock’s 50-day simple moving average is $46.21 and its two-hundred day simple moving average is $42.83. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Tapestry will post 4.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC acquired a new position in Tapestry during the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV increased its position in Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares during the last quarter. Brooklyn Investment Group purchased a new position in Tapestry during the third quarter worth about $47,000. Blue Trust Inc. grew its stake in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares during the period. Finally, MUFG Securities EMEA plc increased its holdings in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after buying an additional 317 shares during the last quarter. 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.