ValuEngine Downgrades Tapestry (TPR) to Strong Sell

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ValuEngine cut shares of Tapestry (NYSE:TPR) from a sell rating to a strong sell rating in a research note published on Friday morning.

Other equities analysts also recently issued reports about the company. Evercore ISI downgraded Tapestry to a hold rating in a research report on Monday, October 15th. Needham & Company LLC raised Tapestry from a hold rating to a buy rating and set a $50.00 target price for the company in a research report on Tuesday, October 16th. They noted that the move was a valuation call. Wells Fargo & Co set a $58.00 target price on Tapestry and gave the company a buy rating in a research report on Thursday, December 13th. Canaccord Genuity reaffirmed a buy rating and issued a $63.00 target price on shares of Tapestry in a research report on Monday, October 29th. Finally, Loop Capital downgraded Tapestry from a buy rating to a hold rating and dropped their target price for the company from $59.00 to $45.00 in a research report on Monday, October 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $50.00.

NYSE TPR opened at $34.65 on Friday. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 1.20 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.62 and a quick ratio of 1.94. Tapestry has a 1-year low of $31.91 and a 1-year high of $55.50.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, February 7th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.04). The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.86 billion. Tapestry had a net margin of 12.18% and a return on equity of 23.84%. The business’s revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 earnings per share. On average, sell-side analysts forecast that Tapestry will post 2.62 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Paradigm Asset Management Co. LLC grew its position in shares of Tapestry by 7.2% during the third quarter. Paradigm Asset Management Co. LLC now owns 10,400 shares of the luxury accessories retailer’s stock worth $523,000 after buying an additional 700 shares in the last quarter. Aperio Group LLC lifted its stake in Tapestry by 9.4% during the third quarter. Aperio Group LLC now owns 182,408 shares of the luxury accessories retailer’s stock worth $9,170,000 after purchasing an additional 15,620 shares during the last quarter. Stevens Capital Management LP purchased a new stake in Tapestry during the third quarter worth approximately $5,681,000. Martingale Asset Management L P lifted its stake in Tapestry by 253.8% during the third quarter. Martingale Asset Management L P now owns 26,235 shares of the luxury accessories retailer’s stock worth $1,319,000 after purchasing an additional 18,820 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in Tapestry by 11.3% during the fourth quarter. State of Alaska Department of Revenue now owns 214,561 shares of the luxury accessories retailer’s stock worth $7,239,000 after purchasing an additional 21,811 shares during the last quarter. 89.62% of the stock is owned by institutional investors and hedge funds.

About Tapestry

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Tapestry (NYSE:TPR)

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