Tapestry (NYSE:TPR) PT Raised to $55.00 at Citigroup

Tapestry (NYSE:TPR) had its target price boosted by research analysts at Citigroup from $49.00 to $55.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the luxury accessories retailer’s stock. Citigroup’s price objective points to a potential upside of 8.93% from the company’s current price.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company lifted their price target on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday. Evercore ISI lifted their price target on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday. Telsey Advisory Group restated an “outperform” rating and set a $54.00 target price on shares of Tapestry in a report on Thursday, August 15th. Finally, Bank of America boosted their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Stock Performance

NYSE TPR opened at $50.49 on Friday. Tapestry has a 52-week low of $25.99 and a 52-week high of $51.58. The company has a 50-day simple moving average of $43.54 and a 200 day simple moving average of $41.88. The company has a debt-to-equity ratio of 2.39, a quick ratio of 4.66 and a current ratio of 5.14. The company has a market capitalization 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.

Tapestry (NYSE:TPR) last released its quarterly earnings data 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. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. Tapestry’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business earned $0.95 earnings per share. On average, research analysts predict that Tapestry will post 4.47 EPS for the current year.

Hedge Funds Weigh In On Tapestry

Several institutional investors have recently made changes to their positions in TPR. Pacer Advisors Inc. lifted its stake in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the period. Clearbridge Investments LLC bought a new position in shares of Tapestry in the 1st quarter worth approximately $54,055,000. AQR Capital Management LLC lifted its stake in shares of Tapestry by 235.9% in 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. Coronation Fund Managers Ltd. lifted its stake in shares of Tapestry by 265.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after purchasing an additional 758,539 shares during the period. Finally, Swedbank AB lifted its stake in shares of Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after purchasing an additional 673,655 shares during the period. Institutional investors 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.