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

Tapestry (NYSE:TPR - Get Free Report) had its price target upped by 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 would suggest a potential upside of 22.31% from the stock's previous close.

A number of other analysts have also recently issued reports on TPR. Telsey Advisory Group upped their target price on Tapestry from $58.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday. TD Cowen lowered shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 target price on the stock. in a research report on Tuesday, October 29th. Bank of America lifted their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, October 25th. StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Monday, October 28th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $57.00 target price (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $57.69.

Tapestry Stock Down 1.0 %

TPR stock traded down $0.59 during midday trading on Friday, reaching $57.23. 4,444,887 shares of the company were exchanged, compared to its average volume of 3,337,417. The stock's 50-day simple moving average is $46.55 and its 200 day simple moving average is $42.97. Tapestry has a 1-year low of $29.83 and a 1-year high of $58.49. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The company has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Tapestry's quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities analysts forecast that Tapestry will post 4.54 earnings per share for the current year.

Hedge Funds Weigh In On Tapestry

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Waldron Private Wealth LLC acquired a new stake in shares of Tapestry in the 3rd quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV increased its position in shares of Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after buying an additional 328 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Tapestry during the 3rd quarter worth $47,000. Blue Trust Inc. raised its stake in shares of Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock worth $50,000 after buying an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc grew its stake in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

About Tapestry

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.