Tapestry (NYSE:TPR) Given New $66.00 Price Target at The Goldman Sachs Group

Tapestry (NYSE:TPR) had its price objective boosted by stock analysts at The Goldman Sachs Group from $58.00 to $66.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the luxury accessories retailer’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 13.85% from the company’s current price.

TPR has been the topic of a number of other reports. Wells Fargo & Company raised their target price on shares of Tapestry from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Robert W. Baird raised their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday. Telsey Advisory Group boosted their price target on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. UBS Group dropped their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, August 16th. Finally, StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $56.20.

Tapestry Trading Up 0.3 %

Shares of NYSE:TPR opened at $57.97 on Friday. The business’s 50 day moving average price is $46.21 and its 200-day moving average price is $42.83. Tapestry has a 1 year low of $29.83 and a 1 year high of $58.49. The firm has a market capitalization of $13.51 billion, a price-to-earnings ratio of 16.65, a price-to-earnings-growth ratio of 1.78 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 36.26% and a net margin of 12.12%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business earned $0.95 EPS. Tapestry’s quarterly revenue was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Tapestry will post 4.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its holdings in Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Tapestry during the 3rd quarter valued at about $64,016,000. Clearbridge Investments LLC acquired a new position in Tapestry during the first quarter worth about $54,055,000. AQR Capital Management LLC lifted its holdings in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after purchasing an additional 1,051,743 shares in the last quarter. Finally, Coronation Fund Managers Ltd. grew its position in shares of Tapestry by 265.1% in the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after purchasing an additional 758,539 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.