Tapestry (NYSE:TPR) Earns Buy Rating from Analysts at UBS Group

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Stock analysts at UBS Group assumed coverage on shares of Tapestry (NYSE:TPR) in a note issued to investors on Thursday, June 21st, www.benzinga.com reports. The brokerage set a “buy” rating and a $62.00 price target on the luxury accessories retailer’s stock. UBS Group’s price objective would suggest a potential upside of 32.73% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Oppenheimer boosted their price target on shares of Tapestry from $60.00 to $65.00 in a research note on Monday, April 30th. Canaccord Genuity set a $59.00 target price on shares of Tapestry and gave the stock a “buy” rating in a research report on Friday, April 27th. Guggenheim reaffirmed a “buy” rating and issued a $65.00 price target on shares of Tapestry in a report on Friday, April 27th. Buckingham Research initiated coverage on shares of Tapestry in a report on Friday, April 20th. They issued a “buy” rating and a $62.00 price target on the stock. Finally, Deutsche Bank upped their price objective on shares of Tapestry to $64.00 and gave the company a “buy” rating in a research note on Thursday, April 19th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $54.81.

Tapestry opened at $46.71 on Thursday, Marketbeat Ratings reports. The company has a market capitalization of $13.48 billion, a P/E ratio of 21.73, a P/E/G ratio of 1.60 and a beta of 0.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.66 and a quick ratio of 1.83. Tapestry has a fifty-two week low of $38.70 and a fifty-two week high of $55.50.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Tuesday, May 1st. The luxury accessories retailer reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.04. Tapestry had a net margin of 6.10% and a return on equity of 24.12%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Tapestry’s revenue for the quarter was up 32.9% on a year-over-year basis. sell-side analysts expect that Tapestry will post 2.6 EPS for the current year.

Several hedge funds have recently made changes to their positions in TPR. BlackRock Inc. increased its stake in Tapestry by 0.6% during the 1st quarter. BlackRock Inc. now owns 17,991,736 shares of the luxury accessories retailer’s stock worth $946,546,000 after purchasing an additional 102,136 shares in the last quarter. American Century Companies Inc. increased its stake in Tapestry by 3.6% during the 1st quarter. American Century Companies Inc. now owns 6,732,309 shares of the luxury accessories retailer’s stock worth $354,187,000 after purchasing an additional 235,496 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Tapestry during the 4th quarter worth approximately $239,505,000. Bank of New York Mellon Corp bought a new stake in Tapestry during the 4th quarter worth approximately $145,882,000. Finally, Millennium Management LLC acquired a new position in Tapestry during the 4th quarter worth approximately $144,837,000. 89.41% of the stock is owned by institutional investors.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.

Analyst Recommendations for Tapestry (NYSE:TPR)

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