Robert W. Baird Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price target increased by equities research analysts at Robert W. Baird from $58.00 to $64.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the luxury accessories retailer’s stock. Robert W. Baird’s price objective would indicate a potential upside of 11.83% from the company’s current price.

A number of other analysts have also issued reports on TPR. Telsey Advisory Group raised their price target on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a report on Tuesday, October 29th. Bank of America upped their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Raymond James reiterated an “outperform” rating and issued a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average 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 firm has a 50 day simple moving average of $46.55 and a 200-day simple moving average of $42.97. The firm has a market cap of $13.34 billion, a PE ratio of 16.54, a P/E/G ratio of 1.99 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates 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 prior year, the company posted $0.95 EPS. On average, equities analysts expect that Tapestry will post 4.56 EPS for the current year.

Institutional Trading of Tapestry

Several large investors have recently modified their holdings of the business. Waldron Private Wealth LLC acquired a new position in shares of Tapestry in the third quarter worth about $25,000. Massmutual Trust Co. FSB ADV raised its position in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Tapestry during the 3rd quarter valued at approximately $47,000. Blue Trust Inc. grew its position in shares of Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc raised its holdings in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

About Tapestry

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.