BMO Capital Markets Boosts Tapestry (NYSE:TPR) Price Target to $60.00

Tapestry (NYSE:TPR) had its target price boosted by equities research analysts at BMO Capital Markets from $55.00 to $60.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “market perform” rating on the luxury accessories retailer’s stock. BMO Capital Markets’ price target would indicate a potential upside of 5.08% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Bank of America lifted their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. UBS Group dropped their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Citigroup boosted their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. The Goldman Sachs Group boosted their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Telsey Advisory Group boosted their price target on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

Tapestry Trading Down 0.2 %

TPR traded down $0.13 during midday trading on Monday, reaching $57.10. 695,369 shares of the company were exchanged, compared to its average volume of 3,325,110. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry has a one year low of $30.19 and a one year high of $58.49. The stock has a market capitalization of $13.31 billion, a P/E ratio of 16.50, a PEG ratio of 1.99 and a beta of 1.53. The stock’s 50-day simple moving average is $46.55 and its 200 day simple moving average is $42.99.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (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 firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business earned $0.95 earnings per share. The company’s revenue was down 1.8% compared to the same quarter last year. As a group, analysts forecast that Tapestry will post 4.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

A number of hedge funds have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. boosted its position in shares of Tapestry by 12.8% during the third quarter. Coldstream Capital Management Inc. now owns 8,573 shares of the luxury accessories retailer’s stock valued at $406,000 after buying an additional 970 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after acquiring an additional 80,681 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Tapestry by 18.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 4,275 shares of the luxury accessories retailer’s stock worth $201,000 after acquiring an additional 679 shares during the period. Orion Portfolio Solutions LLC lifted its holdings in Tapestry by 4.1% during the third quarter. Orion Portfolio Solutions LLC now owns 56,914 shares of the luxury accessories retailer’s stock worth $2,674,000 after acquiring an additional 2,255 shares during the period. Finally, National Bank of Canada FI lifted its holdings in Tapestry by 86.3% during the third quarter. National Bank of Canada FI now owns 116,762 shares of the luxury accessories retailer’s stock worth $5,485,000 after acquiring an additional 54,083 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.