Tapestry (TPR) Rating Increased to Conviction-Buy at Goldman Sachs Group
Tapestry (NYSE:TPR) was upgraded by analysts at Goldman Sachs Group from a “buy” rating to a “conviction-buy” rating in a research note issued on Tuesday.
TPR has been the subject of several other research reports. Cowen restated a “buy” rating and issued a $46.00 price target on shares of Tapestry in a report on Thursday, September 28th. Susquehanna Bancshares assumed coverage on shares of Tapestry in a report on Thursday, November 2nd. They issued a “positive” rating and a $50.00 price target for the company. Credit Suisse Group restated an “outperform” rating and issued a $51.00 price target (down previously from $55.00) on shares of Tapestry in a report on Wednesday, August 16th. Citigroup assumed coverage on shares of Tapestry in a report on Thursday, November 2nd. They issued a “positive” rating and a $50.00 price target for the company. Finally, Sanford C. Bernstein assumed coverage on shares of Tapestry in a report on Tuesday, September 12th. They issued an “outperform” rating and a $51.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $47.70.
Shares of Tapestry (NYSE TPR) opened at $41.71 on Tuesday. Tapestry has a twelve month low of $34.16 and a twelve month high of $48.85. The firm has a market cap of $11,844.23, a PE ratio of 19.55, a P/E/G ratio of 1.56 and a beta of 0.46. The company has a current ratio of 1.74, a quick ratio of 1.25 and a debt-to-equity ratio of 0.64.
In other news, SVP Melinda Brown sold 8,250 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $41.28, for a total value of $340,560.00. Following the sale, the senior vice president now directly owns 42,884 shares of the company’s stock, valued at approximately $1,770,251.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in TPR. Point View Wealth Management Inc. purchased a new stake in shares of Tapestry in the 3rd quarter valued at $552,000. LMR Partners LLP purchased a new stake in Tapestry during the third quarter worth $229,000. M&R Capital Management Inc. purchased a new stake in Tapestry during the third quarter worth $153,000. Capital International Investors purchased a new stake in Tapestry during the third quarter worth $25,376,000. Finally, Afam Capital Inc. purchased a new stake in Tapestry during the third quarter worth $6,945,000. 88.10% of the stock is currently owned by institutional investors and hedge funds.
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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.
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