Wells Fargo & Company Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price objective lifted by research analysts at Wells Fargo & Company from $65.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 31.12% from the stock’s previous close.

Several other equities analysts have also issued reports on TPR. JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Telsey Advisory Group raised their target price on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup lifted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a report on Tuesday, October 29th. Finally, StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Stock Down 1.1 %

Shares of TPR traded down $0.62 during mid-day trading on Friday, hitting $57.20. The company’s stock had a trading volume of 2,713,017 shares, compared to its average volume of 3,329,616. 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 company’s 50-day moving average is $46.21 and its 200-day moving average is $42.83. Tapestry has a 52-week low of $29.83 and a 52-week high of $58.49. The firm has a market capitalization of $13.33 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 1.78 and a beta of 1.53.

Tapestry (NYSE:TPR) last announced its earnings results 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 business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. On average, equities research analysts forecast that Tapestry will post 4.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TPR. Pacer Advisors Inc. grew its holdings in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH acquired a new position in Tapestry during the third quarter worth approximately $64,016,000. Clearbridge Investments LLC acquired a new position in Tapestry in the first quarter valued at $54,055,000. AQR Capital Management LLC grew its holdings in shares of Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after purchasing an additional 1,051,743 shares during the period. Finally, Coronation Fund Managers Ltd. increased its position in shares of Tapestry by 265.1% in the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after acquiring an additional 758,539 shares in the last quarter. 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.