Telsey Advisory Group Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price target upped by stock analysts at Telsey Advisory Group from $58.00 to $67.00 in a research note issued on Friday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the luxury accessories retailer’s stock. Telsey Advisory Group’s price objective would suggest a potential upside of 17.07% from the company’s current price.

A number of other brokerages have also weighed in on TPR. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Raymond James reissued an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Citigroup increased their price target on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Robert W. Baird lifted their price objective on Tapestry from $53.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.69.

Tapestry Price Performance

Shares of Tapestry stock opened at $57.23 on Friday. The company has a market capitalization of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.99 and a beta of 1.53. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The stock’s 50-day simple moving average is $46.55 and its 200-day simple moving average is $42.97. Tapestry has a 52 week low of $29.83 and a 52 week high of $58.49.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The company had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm earned $0.95 EPS. The firm’s revenue was down 1.8% compared to the same quarter last year. As a group, analysts expect that Tapestry will post 4.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

Several hedge funds and other institutional investors have recently modified their holdings of TPR. Waldron Private Wealth LLC bought a new position in Tapestry in the 3rd quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Tapestry by 54.0% during the second 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 during the period. Brooklyn Investment Group bought a new position in shares of Tapestry in the third quarter worth about $47,000. Blue Trust Inc. increased its stake in Tapestry by 111.9% in the 2nd 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 during the period. Finally, MUFG Securities EMEA plc lifted its holdings in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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.