Royal Bank of Canada Increases Tapestry (TPR) Price Target to $53.00

Tapestry (NYSE:TPR) had its price objective upped by analysts at Royal Bank of Canada to $53.00 in a report released on Wednesday, The Fly reports. The brokerage currently has an “outperform” rating on the luxury accessories retailer’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 8.12% from the company’s current price.

TPR has been the topic of a number of other research reports. Zacks Investment Research lowered Tapestry from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Susquehanna Bancshares began 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. Citigroup began 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. William Blair reiterated a “buy” rating on shares of Tapestry in a research report on Saturday, October 21st. Finally, Robert W. Baird set a $50.00 target price on Tapestry and gave the stock a “buy” rating in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $49.27.

Tapestry (NYSE:TPR) opened at $49.02 on Wednesday. Tapestry has a twelve month low of $36.69 and a twelve month high of $49.38. The firm has a market capitalization of $12,788.35, a price-to-earnings ratio of 30.45, a P/E/G ratio of 1.67 and a beta of 0.59. The company has a current ratio of 1.74, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.19. Tapestry had a return on equity of 20.71% and a net margin of 9.62%. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. Tapestry’s quarterly revenue was up 35.1% on a year-over-year basis. analysts expect that Tapestry will post 2.39 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. American Century Companies Inc. purchased a new stake in shares of Tapestry in the fourth quarter valued at $287,354,000. Jennison Associates LLC purchased a new stake in shares of Tapestry in the fourth quarter valued at $181,887,000. Miller Howard Investments Inc. NY acquired a new position in Tapestry in the fourth quarter valued at $78,023,000. ANTIPODES PARTNERS Ltd acquired a new position in Tapestry in the fourth quarter valued at $77,642,000. Finally, Schwab Charles Investment Management Inc. acquired a new position in Tapestry in the fourth quarter valued at $49,821,000. Institutional investors and hedge funds own 88.00% of the company’s stock.

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Tapestry Company Profile

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.