Canaccord Genuity Reiterates $58.00 Price Target for Tapestry (TPR)

Canaccord Genuity set a $58.00 target price on Tapestry (NYSE:TPR) in a research note released on Monday morning. The firm currently has a buy rating on the luxury accessories retailer’s stock.

Several other equities research analysts have also recently weighed in on TPR. Consumer Edge cut Tapestry from an outperform rating to a neutral rating in a research report on Wednesday, October 11th. KeyCorp set a $53.00 price objective on Tapestry and gave the stock a buy rating in a report on Wednesday, October 11th. Robert W. Baird set a $49.00 price objective on Tapestry and gave the stock a buy rating in a report on Tuesday, October 17th. Zacks Investment Research lowered Tapestry from a hold rating to a strong sell rating in a report on Tuesday, October 17th. Finally, William Blair reissued a buy rating on shares of Tapestry in a report on Saturday, October 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Tapestry presently has a consensus rating of Buy and an average price target of $50.23.

Shares of Tapestry (NYSE:TPR) opened at $48.85 on Monday. Tapestry has a 52-week low of $36.69 and a 52-week high of $50.71. The firm has a market capitalization of $13,890.00, a PE ratio of 43.62, a PEG ratio of 1.75 and a beta of 0.59. The company has a current ratio of 1.90, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.21. Tapestry had a return on equity of 23.68% and a net margin of 6.14%. The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the business posted $0.75 earnings per share. The company’s revenue was up 35.1% on a year-over-year basis. sell-side analysts predict that Tapestry will post 2.5 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Hexavest Inc. purchased a new stake in Tapestry in the fourth quarter worth approximately $106,000. First Dallas Securities Inc. purchased a new stake in Tapestry in the fourth quarter worth approximately $108,000. Dupont Capital Management Corp purchased a new stake in Tapestry in the fourth quarter worth approximately $110,000. Cerebellum GP LLC purchased a new stake in Tapestry in the fourth quarter worth approximately $118,000. Finally, American Research & Management Co. purchased a new stake in Tapestry in the fourth quarter worth approximately $129,000. 88.00% of the stock is owned by institutional investors and hedge funds.

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Tapestry Company Profile

Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.

Analyst Recommendations for Tapestry (NYSE:TPR)

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