Tapestry (NYSE:TPR) Price Target Raised to $67.00

Tapestry (NYSE:TPR - Get Free Report) had its price target increased by stock analysts at Telsey Advisory Group from $58.00 to $67.00 in a research report issued on Friday, MarketBeat Ratings reports. The firm currently has an "outperform" rating on the luxury accessories retailer's stock. Telsey Advisory Group's target price points to a potential upside of 16.48% from the company's previous close.

TPR has been the topic of several other research reports. TD Cowen lowered Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. The Goldman Sachs Group lifted their price objective on Tapestry from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, October 21st. Raymond James reissued an "outperform" rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Finally, Wells Fargo & Company increased their price objective on shares of Tapestry from $50.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Five research 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, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.69.

Tapestry Price Performance

NYSE:TPR traded down $0.30 during trading hours on Friday, hitting $57.52. The company's stock had a trading volume of 3,043,015 shares, compared to its average volume of 3,331,103. The company has a market capitalization of $13.40 billion, a PE ratio of 16.53, a PEG ratio of 1.78 and a beta of 1.53. Tapestry has a 52-week low of $29.83 and a 52-week high of $58.49. The business's 50-day moving average is $46.21 and its two-hundred day moving average is $42.83. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Tapestry (NYSE:TPR - Get Free Report) last announced 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 12.12% 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 quarter last year, the business earned $0.95 earnings per share. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry will post 4.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Tapestry

Several institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its stake in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer's stock worth $257,623,000 after buying an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Tapestry in the third quarter worth approximately $64,016,000. Clearbridge Investments LLC purchased a new stake in Tapestry in the first quarter valued at approximately $54,055,000. AQR Capital Management LLC increased its position in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer's stock worth $61,578,000 after purchasing an additional 1,051,743 shares during the last quarter. Finally, Coronation Fund Managers Ltd. increased its position in Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer's stock worth $44,700,000 after purchasing an additional 758,539 shares during the last quarter. 90.77% of the stock is currently 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.