Tapestry (TPR) Stock Rating Upgraded by Barclays
Tapestry (NYSE:TPR) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Friday, The Fly reports. The brokerage presently has a $47.00 price objective on the luxury accessories retailer’s stock. Barclays‘s price target suggests a potential upside of 29.30% from the stock’s current price.
Other equities analysts also recently issued research reports about the company. Evercore ISI downgraded Tapestry to a “hold” rating in a research note on Monday, October 15th. Needham & Company LLC upgraded Tapestry from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, October 16th. They noted that the move was a valuation call. Wells Fargo & Co set a $58.00 target price on Tapestry and gave the stock a “buy” rating in a research note on Thursday, December 13th. Canaccord Genuity restated a “buy” rating and issued a $63.00 target price on shares of Tapestry in a research note on Monday, October 29th. Finally, Loop Capital downgraded Tapestry from a “buy” rating to a “hold” rating and cut their target price for the stock from $59.00 to $45.00 in a research note on Monday, October 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-one have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $52.54.
TPR stock traded up $0.24 during mid-day trading on Friday, reaching $36.35. 2,428,844 shares of the company traded hands, compared to its average volume of 3,795,443. The company has a market capitalization of $10.72 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.18 and a beta of 0.73. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.83 and a current ratio of 2.74. Tapestry has a fifty-two week low of $32.03 and a fifty-two week high of $55.50.
Hedge funds have recently modified their holdings of the business. Moody National Bank Trust Division raised its holdings in Tapestry by 21.2% during the 4th quarter. Moody National Bank Trust Division now owns 2,096 shares of the luxury accessories retailer’s stock valued at $70,000 after acquiring an additional 366 shares during the period. Stratos Wealth Partners LTD. bought a new position in shares of Tapestry in the third quarter worth $145,000. NEXT Financial Group Inc bought a new position in shares of Tapestry in the third quarter worth $179,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Tapestry in the third quarter worth $201,000. Finally, Bray Capital Advisors increased its holdings in shares of Tapestry by 100.0% in the third quarter. Bray Capital Advisors now owns 4,000 shares of the luxury accessories retailer’s stock worth $201,000 after purchasing an additional 2,000 shares during the period. 88.96% of the stock is currently owned by institutional investors and hedge funds.
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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