Guggenheim analyst Robert Drbul maintained a Buy rating on Tapestry Inc (TPR) today. The company’s shares closed last Monday at $25.58.
Drbul noted:
“We believe her focus will be on executing the company’s strategic and financial plan to unlock the power of TPR’s multi- brand model and drive shareholder value. Ms. Crevoiserat made a few key points today: the company has 1) strong, unique, and diversified brands, 2) a strong balance sheet, 3) a scalable multi-brand platform, and 4) a financially disciplined organization. Tom Glaser was appointed COO of 2019 (effective July 15); Mr. Glaser also brings significant experience (>30 years) and operational expertise to the company, with prior experience at VFC and PVH.”
According to TipRanks.com, Drbul is a 5-star analyst with an average return of 8.9% and a 67.4% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Capri Holdings Limited, and Ralph Lauren Corp.
Currently, the analyst consensus on Tapestry Inc is a Moderate Buy with an average price target of $28, a 9.5% upside from current levels. In a report issued on September 4, Merrill Lynch also maintained a Buy rating on the stock with a $28 price target.
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Based on Tapestry Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $149 million. In comparison, last year the company had a net profit of $212 million.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TPR in relation to earlier this year.
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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, Stuart Weitzman, and Corporate.
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