Tapestry (NYSE:TPR) Price Target Cut to $47.00

Posted by on Aug 20th, 2023

Tapestry (NYSE:TPR – Get Free Report) had its price objective dropped by equities research analysts at Raymond James from $50.00 to $47.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the luxury accessories retailer’s stock. Raymond James’ price target indicates a potential upside of 35.88% from the stock’s current price.

TPR has been the topic of several other reports. Barclays upgraded Tapestry from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $47.00 to $59.00 in a research report on Tuesday, August 1st. OTR Global downgraded Tapestry to a “positive” rating in a research note on Wednesday, July 19th. Telsey Advisory Group reissued an “outperform” rating and issued a $49.00 target price on shares of Tapestry in a research note on Thursday. The Goldman Sachs Group cut their price objective on shares of Tapestry from $49.00 to $46.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Robert W. Baird cut their price target on shares of Tapestry from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday. Three 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Get Our Latest Stock Report on TPR

Tapestry Price Performance

Shares of NYSE:TPR opened at $34.59 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.84 and a debt-to-equity ratio of 0.72. The stock has a market cap of $8.02 billion, a PE ratio of 8.91, a PEG ratio of 0.73 and a beta of 1.46. The company’s fifty day moving average is $41.77 and its 200 day moving average is $41.94. Tapestry has a 52 week low of $27.53 and a 52 week high of $47.48.

Tapestry (NYSE:TPR – Get Free Report) last released its earnings results on Thursday, August 17th. The luxury accessories retailer reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.65 billion. Tapestry had a net margin of 14.05% and a return on equity of 41.10%. The company’s revenue was down .3% on a year-over-year basis. During the same period last year, the firm posted $0.78 EPS. Research analysts anticipate that Tapestry will post 4.13 earnings per share for the current year.

Institutional Investors Weigh In On Tapestry

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Commerce Bank increased its stake in shares of Tapestry by 5.3% in the first quarter. Commerce Bank now owns 9,564 shares of the luxury accessories retailer’s stock worth $412,000 after purchasing an additional 484 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Tapestry by 55.4% in the 4th quarter. Russell Investments Group Ltd. now owns 97,622 shares of the luxury accessories retailer’s stock worth $3,716,000 after buying an additional 34,804 shares in the last quarter. Patton Fund Management Inc. bought a new stake in Tapestry during the fourth quarter valued at about $213,000. Raymond James Trust N.A. bought a new stake in Tapestry during the first quarter valued at about $214,000. Finally, Blair William & Co. IL purchased a new position in shares of Tapestry in the fourth quarter valued at about $233,000. Institutional investors own 92.63% of the company’s stock.

About Tapestry

(Get Free Report)

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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

Further Reading

Analyst Recommendations for Tapestry (NYSE:TPR)

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