Tapestry (NYSE:TPR) Given New $65.00 Price Target at Wells Fargo & Company

Tapestry (NYSE:TPR) had its target price upped by investment analysts at Wells Fargo & Company from $50.00 to $65.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the luxury accessories retailer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 46.17% from the stock’s current price.

A number of other brokerages also recently issued reports on TPR. The Goldman Sachs Group boosted their price objective on Tapestry from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday. UBS Group cut their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Thursday, August 15th. Citigroup cut their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. dropped their price target on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

Tapestry Trading Up 2.1 %

Tapestry stock opened at $44.47 on Friday. The business has a 50-day simple moving average of $43.34 and a two-hundred day simple moving average of $41.84. The company has a market cap of $10.22 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.67 and a beta of 1.53. Tapestry has a 52-week low of $25.99 and a 52-week high of $48.80. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 EPS. Analysts predict that Tapestry will post 4.47 EPS for the current year.

Institutional Trading of Tapestry

Several hedge funds have recently modified their holdings of TPR. Park Avenue Securities LLC raised its holdings in shares of Tapestry by 22.7% during the 1st quarter. Park Avenue Securities LLC now owns 9,664 shares of the luxury accessories retailer’s stock worth $459,000 after acquiring an additional 1,785 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in Tapestry during the 1st quarter valued at $253,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Tapestry during the 1st quarter valued at $260,000. Norden Group LLC purchased a new stake in Tapestry during the 1st quarter valued at $297,000. Finally, Uncommon Cents Investing LLC raised its holdings in Tapestry by 1.8% during the 1st quarter. Uncommon Cents Investing LLC now owns 28,305 shares of the luxury accessories retailer’s stock valued at $1,344,000 after buying an additional 510 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

About Tapestry

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.