Tapestry Inc (TPR) Gets a Buy Rating from Guggenheim

Guggenheim analyst Robert Drbul maintained a Buy rating on Tapestry Inc (TPR) today and set a price target of $52. The company’s shares closed yesterday at $37.88.

Drbul observed:

“We visited several Kate Spade store locations in NYC on Monday (1/28) to check in on new Glass’ new product line. Ms. Glass’ new product has been in store for a few days and hit online Monday. Overall, we came away encouraged by our store checks and the product. Tapestry is scheduled to report 2Q19 earnings on Feb 7, BMO. We remain comfortable with our 2QE EPS of $1.11, in-line with consensus. At 12x our FY20E EPS (~25% discount to historical averages), with trends appearing on track, we believe the risk/reward remains favorable; TPR remains our Best Idea.”

According to TipRanks.com, Drbul is a 5-star analyst with an average return of 10.2% and a 63.4% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Capri Holdings Limited, and Ascena Retail Group.

Tapestry Inc has an analyst consensus of Strong Buy, with a price target consensus of $48.15, a 27.1% upside from current levels. In a report issued on January 25, Wolfe Research also upgraded the stock to Buy with a $45 price target.

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The company has a one-year high of $55.50 and a one-year low of $32.03. Currently, Tapestry Inc has an average volume of 3.89M.

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Tapestry, Inc. engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments:Coach, Kate Spade, and Stuart Weitzman.

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