Telsey Advisory Group has decided to maintain its Outperform rating of Tapestry (NYSE:TPR) and lower its price target from $56.00 to $46.00.
Shares of Tapestry are trading up 3.98% over the last 24 hours, at $31.85 per share.
A move to $46.00 would account for a 44.43% increase from the current share price.
About Tapestry
Coach, Kate Spade, and Stuart Weitzman are the fashion and accessory brands that comprise Tapestry. The firm's products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (62% of fiscal 2021 sales), Europe, Asia (33% of fiscal 2021 sales), and elsewhere. Coach (74% of fiscal 2021 sales) is best known for affordable luxury leather products. Kate Spade (21% of fiscal 2021 sales) is known for colorful patterns and graphics. Women's handbags and accessories produced 70% of Tapestry's sales in fiscal 2021. Stuart Weitzman, Tapestry's smallest brand, generates nearly all (99%) of its revenue from women's footwear.
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