Tapestry (NYSE:TPR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Tapestry (NYSE:TPR) had its target price increased by analysts at JPMorgan Chase & Co. from $88.00 to $104.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the luxury accessories retailer’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 20.08% from the company’s previous close.

A number of other analysts have also recently issued reports on TPR. Wells Fargo & Company boosted their price objective on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Bank of America increased their price objective on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Raymond James reiterated an “outperform” rating and set a $88.00 target price (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. The Goldman Sachs Group increased their price target on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Citigroup lifted their price objective on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.78.

Tapestry Stock Performance

TPR stock opened at $86.61 on Wednesday. The company has a quick ratio of 4.38, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a market capitalization of $20.18 billion, a price-to-earnings ratio of 25.10, a P/E/G ratio of 2.30 and a beta of 1.58. Tapestry has a 12 month low of $35.23 and a 12 month high of $87.87. The firm has a 50 day moving average of $69.60 and a two-hundred day moving average of $54.46.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the company posted $1.63 earnings per share. As a group, equities analysts anticipate that Tapestry will post 4.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in Tapestry during the fourth quarter valued at approximately $114,199,000. Erste Asset Management GmbH purchased a new stake in Tapestry in the 3rd quarter worth approximately $64,016,000. WT Asset Management Ltd bought a new position in Tapestry in the 4th quarter valued at $42,762,000. Raymond James Financial Inc. purchased a new position in shares of Tapestry during the 4th quarter valued at $38,180,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock worth $270,304,000 after purchasing an additional 546,497 shares during the period. Institutional investors 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.