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

Tapestry (NYSE:TPR) had its target price lifted by Guggenheim from $60.00 to $70.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the luxury accessories retailer’s stock. Guggenheim’s price objective points to a potential upside of 22.31% from the stock’s previous close.

Several other research analysts also recently issued reports on TPR. Raymond James reiterated an “outperform” rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Citigroup upped their target price on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. UBS Group lowered their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Evercore ISI upped their price objective on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Robert W. Baird lifted their target price on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Stock Performance

NYSE TPR opened at $57.23 on Friday. Tapestry has a 1-year low of $29.83 and a 1-year high of $58.49. The company has a 50 day moving average of $46.55 and a 200-day moving average of $42.97. 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 firm has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion during 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 business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 EPS. On average, equities analysts forecast that Tapestry will post 4.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the third quarter worth $25,000. Massmutual Trust Co. FSB ADV lifted its holdings 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 acquiring an additional 328 shares in the last quarter. Brooklyn Investment Group acquired a new position in Tapestry in the third quarter valued at about $47,000. Blue Trust Inc. increased its holdings in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc raised its position in shares of Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock worth $52,000 after purchasing an additional 317 shares during the period. 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.