Tapestry (TPR) Given a $58.00 Price Target at Canaccord Genuity

Tapestry (NYSE:TPR) received a $58.00 target price from analysts at Canaccord Genuity in a note issued to investors on Sunday. The firm presently has a “buy” rating on the luxury accessories retailer’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 28.06% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Goldman Sachs Group raised Tapestry from a “buy” rating to a “conviction-buy” rating in a research report on Tuesday, December 5th. Consumer Edge downgraded Tapestry from an “outperform” rating to a “neutral” rating in a research report on Wednesday, October 11th. Sanford C. Bernstein initiated coverage on Tapestry in a research report on Tuesday, September 12th. They set an “outperform” rating and a $51.00 price target on the stock. William Blair reaffirmed a “buy” rating on shares of Tapestry in a research report on Saturday, October 21st. Finally, Citigroup initiated coverage on Tapestry in a research report on Thursday, November 2nd. They set a “positive” rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $47.92.

Shares of Tapestry (TPR) traded down $0.12 on Friday, reaching $45.29. The company’s stock had a trading volume of 1,896,300 shares, compared to its average volume of 2,370,000. The firm has a market cap of $12,880.00, a P/E ratio of 28.13, a P/E/G ratio of 1.70 and a beta of 0.46. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.74 and a quick ratio of 1.25. Tapestry has a 12 month low of $34.33 and a 12 month high of $48.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Tuesday, November 7th. The luxury accessories retailer reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.31 billion. Tapestry had a return on equity of 20.71% and a net margin of 9.62%. The firm’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period last year, the firm earned $0.45 EPS. analysts predict that Tapestry will post 2.37 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. M&R Capital Management Inc. acquired a new stake in Tapestry in the 3rd quarter worth about $153,000. LMR Partners LLP acquired a new stake in Tapestry in the 3rd quarter worth about $229,000. Point View Wealth Management Inc. acquired a new stake in Tapestry in the 3rd quarter worth about $552,000. Hefty Wealth Partners acquired a new stake in Tapestry in the 4th quarter worth about $932,000. Finally, New Mexico Educational Retirement Board acquired a new stake in Tapestry in the 3rd quarter worth about $1,051,000. Institutional investors own 87.63% of the company’s stock.

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About Tapestry

Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.