Credit Suisse Group Trims Tapestry (TPR) Target Price to $54.00

Tapestry (NYSE:TPR) had its price target dropped by analysts at Credit Suisse Group from $61.00 to $54.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an “outperform” rating on the luxury accessories retailer’s stock. Credit Suisse Group’s price target indicates a potential upside of 24.74% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Citigroup decreased their target price on Tapestry from $55.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday. Wolfe Research decreased their target price on Tapestry from $55.00 to $45.00 and set a “peer perform” rating for the company in a research note on Wednesday. Canaccord Genuity reaffirmed a “buy” rating and set a $63.00 target price on shares of Tapestry in a research note on Monday. Buckingham Research decreased their target price on Tapestry from $62.00 to $53.00 and set a “buy” rating for the company in a research note on Wednesday, October 17th. Finally, Morgan Stanley raised Tapestry from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, October 17th. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $54.50.

Shares of TPR stock opened at $43.29 on Wednesday. Tapestry has a fifty-two week low of $39.28 and a fifty-two week high of $55.50. The stock has a market cap of $11.68 billion, a P/E ratio of 16.46, a PEG ratio of 1.24 and a beta of 0.43. The company has a quick ratio of 1.87, a current ratio of 2.74 and a debt-to-equity ratio of 0.48.

Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, October 30th. The luxury accessories retailer reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. Tapestry had a return on equity of 24.73% and a net margin of 9.00%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the business posted $0.42 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry will post 2.77 EPS for the current fiscal year.

In related news, insider Ian Bickley sold 48,071 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $52.13, for a total value of $2,505,941.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ivan Menezes sold 2,068 shares of the stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $50.70, for a total value of $104,847.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,602 shares of company stock valued at $2,633,939. 0.70% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. LifePlan Financial Group Inc purchased a new stake in Tapestry in the 2nd quarter worth about $142,000. Twin Tree Management LP lifted its stake in Tapestry by 128.9% in the 2nd quarter. Twin Tree Management LP now owns 3,394 shares of the luxury accessories retailer’s stock worth $159,000 after acquiring an additional 15,144 shares in the last quarter. NEXT Financial Group Inc purchased a new stake in Tapestry in the 3rd quarter worth about $179,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Tapestry in the 3rd quarter worth about $201,000. Finally, Bray Capital Advisors lifted its stake in Tapestry by 100.0% in the 3rd quarter. Bray Capital Advisors now owns 4,000 shares of the luxury accessories retailer’s stock worth $201,000 after acquiring an additional 2,000 shares in the last quarter. 90.19% of the stock is owned by hedge funds and other institutional investors.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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The Fly

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