Oppenheimer Brokers Lower Earnings Estimates for Tapestry Inc (NYSE:TPR)

Tapestry Inc (NYSE:TPR) – Investment analysts at Oppenheimer dropped their Q2 2020 earnings per share estimates for shares of Tapestry in a report issued on Tuesday, November 5th. Oppenheimer analyst B. Nagel now forecasts that the luxury accessories retailer will post earnings per share of $0.96 for the quarter, down from their previous estimate of $1.06. Oppenheimer has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Tapestry’s FY2020 earnings at $2.48 EPS.

A number of other analysts have also recently weighed in on the stock. Citigroup raised their target price on shares of Tapestry from $20.00 to $28.00 and gave the stock a “neutral” rating in a report on Wednesday. Deutsche Bank set a $33.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research note on Friday, August 16th. Piper Jaffray Companies lowered shares of Tapestry from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $40.00 to $23.00 in a research note on Friday, August 16th. Bank of America set a $28.00 price objective on shares of Tapestry and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, MKM Partners decreased their price objective on shares of Tapestry from $34.00 to $22.00 and set a “market perform” rating for the company in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $33.13.

NYSE:TPR traded up $0.16 during trading hours on Friday, reaching $27.23. 5,127,064 shares of the company’s stock were exchanged, compared to its average volume of 4,901,814. The company has a market capitalization of $7.76 billion, a P/E ratio of 10.60, a price-to-earnings-growth ratio of 1.14 and a beta of 1.02. Tapestry has a 12 month low of $18.54 and a 12 month high of $42.75. The company has a quick ratio of 1.94, a current ratio of 1.82 and a debt-to-equity ratio of 1.15. The business’s 50-day simple moving average is $25.75 and its two-hundred day simple moving average is $27.74.

Tapestry (NYSE:TPR) last issued its earnings results on Tuesday, November 5th. The luxury accessories retailer reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.03. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Tapestry had a net margin of 9.01% and a return on equity of 21.17%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share.

Hedge funds have recently added to or reduced their stakes in the business. St. Johns Investment Management Company LLC purchased a new stake in Tapestry in the 3rd quarter worth approximately $26,000. Bourgeon Capital Management LLC purchased a new stake in Tapestry in the 3rd quarter worth approximately $26,000. NumerixS Investment Technologies Inc purchased a new stake in Tapestry in the 2nd quarter worth approximately $50,000. Avestar Capital LLC lifted its position in Tapestry by 34.5% in the 2nd quarter. Avestar Capital LLC now owns 1,626 shares of the luxury accessories retailer’s stock worth $51,000 after buying an additional 417 shares in the last quarter. Finally, CSat Investment Advisory L.P. lifted its position in Tapestry by 106.7% in the 2nd quarter. CSat Investment Advisory L.P. now owns 1,827 shares of the luxury accessories retailer’s stock worth $58,000 after buying an additional 943 shares in the last quarter. Institutional investors own 88.23% of the company’s stock.

Tapestry Company Profile

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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Earnings History and Estimates for Tapestry (NYSE:TPR)

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