Tapestry (NYSE:TPR) PT Raised to $60.00 at Bank of America

Tapestry (NYSE:TPR) had its target price increased by stock analysts at Bank of America from $52.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the luxury accessories retailer’s stock. Bank of America‘s target price suggests a potential upside of 18.84% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. UBS Group cut their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Citigroup reduced their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 target price on shares of Tapestry in a research note on Thursday, August 15th. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $51.73.

Tapestry Price Performance

Tapestry stock opened at $50.49 on Friday. The firm has a market cap of $11.60 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The stock’s fifty day moving average price is $43.54 and its two-hundred day moving average price is $41.88. Tapestry has a one year low of $25.99 and a one year high of $51.58.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts expect that Tapestry will post 4.47 EPS for the current fiscal year.

Institutional Trading of Tapestry

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Park Avenue Securities LLC increased its position in shares of Tapestry by 22.7% during the first quarter. Park Avenue Securities LLC now owns 9,664 shares of the luxury accessories retailer’s stock worth $459,000 after buying an additional 1,785 shares during the period. Kingswood Wealth Advisors LLC bought a new position in shares of Tapestry in the 1st quarter worth about $253,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Tapestry in the 1st quarter valued at about $260,000. Norden Group LLC bought a new stake in shares of Tapestry during the 1st quarter valued at about $297,000. Finally, Uncommon Cents Investing LLC grew its stake in Tapestry by 1.8% during the first quarter. Uncommon Cents Investing LLC now owns 28,305 shares of the luxury accessories retailer’s stock worth $1,344,000 after purchasing an additional 510 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.