Tapestry (TPR) Coverage Initiated at Goldman Sachs Group

Investment analysts at Goldman Sachs Group assumed coverage on shares of Tapestry (NYSE:TPR) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $56.00 price target on the luxury accessories retailer’s stock. Goldman Sachs Group’s price objective would suggest a potential upside of 18.80% from the company’s previous close.

Other analysts also recently issued reports about the company. Oppenheimer boosted their price target on Tapestry from $60.00 to $65.00 in a research note on Monday, April 30th. Loop Capital set a $59.00 price target on Tapestry and gave the company a “buy” rating in a research note on Tuesday, May 1st. Canaccord Genuity set a $59.00 price target on Tapestry and gave the company a “buy” rating in a research note on Friday, April 27th. Guggenheim restated a “buy” rating and issued a $65.00 price target on shares of Tapestry in a research note on Friday, April 27th. Finally, Wells Fargo & Co set a $60.00 target price on Tapestry and gave the company a “buy” rating in a research report on Monday, April 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-five have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $54.81.

TPR opened at $47.14 on Monday. The firm has a market capitalization of $13.61 billion, a P/E ratio of 21.93, a PEG ratio of 1.62 and a beta of 0.34. Tapestry has a 1 year low of $38.70 and a 1 year high of $55.50. The company has a quick ratio of 1.83, a current ratio of 2.66 and a debt-to-equity ratio of 0.51.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Tuesday, May 1st. The luxury accessories retailer reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. The firm’s revenue for the quarter was up 32.9% compared to the same quarter last year. research analysts expect that Tapestry will post 2.6 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Lee Danner & Bass Inc. raised its holdings in shares of Tapestry by 1.3% during the 1st quarter. Lee Danner & Bass Inc. now owns 83,090 shares of the luxury accessories retailer’s stock worth $4,371,000 after buying an additional 1,093 shares in the last quarter. Baird Financial Group Inc. increased its holdings in Tapestry by 1.5% in the 1st quarter. Baird Financial Group Inc. now owns 73,131 shares of the luxury accessories retailer’s stock worth $3,847,000 after purchasing an additional 1,096 shares in the last quarter. Natixis Advisors L.P. increased its holdings in Tapestry by 7.1% in the 1st quarter. Natixis Advisors L.P. now owns 18,630 shares of the luxury accessories retailer’s stock worth $980,000 after purchasing an additional 1,236 shares in the last quarter. Systematic Financial Management LP increased its holdings in Tapestry by 16.4% in the 1st quarter. Systematic Financial Management LP now owns 8,850 shares of the luxury accessories retailer’s stock worth $466,000 after purchasing an additional 1,250 shares in the last quarter. Finally, CIBC World Markets Inc. increased its holdings in Tapestry by 24.5% in the 1st quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock worth $370,000 after purchasing an additional 1,387 shares in the last quarter. 89.41% of the stock is owned by institutional investors.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.

Analyst Recommendations for Tapestry (NYSE:TPR)

Receive News & Ratings for Tapestry Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tapestry and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply