In a report released today, Brian Nagel from Oppenheimer reiterated a Buy rating on Tapestry Inc (TPR), with a price target of $50. The company’s shares closed yesterday at $41.01, close to its 52-week low of $39.28.
Nagel observed:
“We are re-launching coverage of Tapestry (TPR) with an investment rating of Outperform. Recently, we introduced a new Consumer Growth & eCommerce universe that combines the best of our legacy Hardlines and Softlines lists. As part of this effort, we undertook a significant fresh look, deep-dive analysis of Tapestry. TPR shares have traded lower lately as investors have fretted over a potential global slowdown and dislocations amongst shopping patterns of Chinese consumers, at home and abroad. While not without merit, these worries are likely short-sighted and overblown. In our view, the market is now under-appreciating the power of significant internal initiatives beginning to take hold at TPR, including acquisition integration, new product introductions, and digital enhancements. TPR shares are now tracking at or near historic troughs.”
According to TipRanks.com, Nagel is a 4-star analyst with an average return of 5.2% and a 57.0% success rate. Nagel covers the Services sector, focusing on stocks such as Weight Watchers International, Dick’s Sporting Goods, and Advance Auto Parts.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Tapestry Inc with a $50.67 average price target, implying a 23.6% upside from current levels. In a report issued on November 5, Guggenheim also maintained a Buy rating on the stock with a $60 price target.
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Based on Tapestry Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $122 million. In comparison, last year the company had a GAAP net loss of $17.7 million.
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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.
