Tapestry (TPR) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of Tapestry (NYSE:TPR) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “Shares of Tapestry have surged and outpaced the industry in the past month. The stock looks disciplined in its approach to adapt to the changing retail landscape. It is undergoing a brand transformation and introducing modern luxury concept stores in key markets. Moreover, it has undertaken transformation initiatives revolving around product, stores and marketing. These efforts helped post better-than-expected first-quarter fiscal 2019 results, wherein both the top and bottom lines grew year over year. Tapestry continues to focus on Asian markets, primarily China for long-term growth but ignored tariff related woes due to lower production exposure in the region. The company maintained its fiscal 2019 sales forecast but raised the lower end of earnings view. Meanwhile, rate of sales decline at Stuart Weitzman improved considerably on a sequential basis. Management expects the segment’s top-line to return to growth in the second quarter.”
TPR has been the topic of a number of other research reports. Barclays raised Tapestry from an equal weight rating to an overweight rating and set a $47.00 target price on the stock in a report on Friday, January 11th. Nomura set a $50.00 price objective on Tapestry and gave the company a buy rating in a report on Monday, November 26th. Wells Fargo & Co cut their price objective on Tapestry from $58.00 to $45.00 and set an outperform rating on the stock in a report on Wednesday, January 2nd. Buckingham Research lowered their target price on Tapestry from $53.00 to $48.00 and set a buy rating for the company in a research report on Wednesday, October 31st. Finally, Citigroup lowered their target price on Tapestry from $55.00 to $45.00 and set a neutral rating for the company in a research report on Wednesday, October 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $52.00.
A number of 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. ETF Managers Group LLC raised its holdings in Tapestry by 18.0% during the 4th quarter. ETF Managers Group LLC now owns 2,523 shares of the luxury accessories retailer’s stock valued at $85,000 after acquiring an additional 384 shares during the period. E&G Advisors LP raised its holdings in Tapestry by 8.5% during the 4th quarter. E&G Advisors LP now owns 6,400 shares of the luxury accessories retailer’s stock valued at $216,000 after acquiring an additional 500 shares during the period. Roanoke Asset Management Corp NY raised its holdings in Tapestry by 1.3% during the 4th quarter. Roanoke Asset Management Corp NY now owns 45,929 shares of the luxury accessories retailer’s stock valued at $1,550,000 after acquiring an additional 590 shares during the period. Finally, Securian Asset Management Inc raised its holdings in Tapestry by 2.1% during the 4th quarter. Securian Asset Management Inc now owns 29,816 shares of the luxury accessories retailer’s stock valued at $1,006,000 after acquiring an additional 612 shares during the period. 89.44% 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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