Wells Fargo & Company Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price objective raised by Wells Fargo & Company from $65.00 to $75.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 31.05% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday. Evercore ISI increased their target price on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Bank of America boosted their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird increased their price objective on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Citigroup boosted their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.69.

Tapestry Stock Down 1.0 %

NYSE:TPR opened at $57.23 on Friday. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49. The stock has a 50-day moving average price of $46.55 and a two-hundred day moving average price of $42.97. The stock has a market cap of $13.34 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.78 and a beta of 1.53. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. Tapestry’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 EPS. As a group, equities analysts expect that Tapestry will post 4.54 earnings per share for the current year.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently added to or reduced their stakes in the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the third quarter worth approximately $25,000. Massmutual Trust Co. FSB ADV boosted its position in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the period. Brooklyn Investment Group acquired a new position in shares of Tapestry during the third quarter worth $47,000. Blue Trust Inc. grew its position in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after buying an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc boosted its holdings in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

About Tapestry

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.