Oliver Chen, an analyst from TD Cowen, maintained the Buy rating on Tapestry. The associated price target was raised to $130.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Oliver Chen has given his Buy rating due to a combination of factors that indicate strong future performance for Tapestry. The company has demonstrated impressive momentum, particularly with its Coach brand, which has shown consistent sales growth across various regions. This momentum is expected to continue, driven by favorable trends in key markets such as China and EMEA, where Coach has outperformed expectations.
Additionally, Tapestry’s stock has seen a significant increase, yet it remains competitively valued compared to peers like RL and LVMH. The company’s ability to exceed sales estimates, coupled with a conservative management approach to guidance, suggests that Tapestry is well-positioned to meet or surpass future financial targets. These factors collectively support Oliver Chen’s optimistic outlook and Buy rating for Tapestry’s stock.
Chen covers the Consumer Cyclical sector, focusing on stocks such as Ulta Beauty, Ermenegildo Zegna, and Tapestry. According to TipRanks, Chen has an average return of 6.3% and a 51.81% success rate on recommended stocks.
In another report released on July 31, Morgan Stanley also maintained a Buy rating on the stock with a $115.00 price target.