Morgan Stanley upgrades ‘scarce positive revision story’ Tapestry to Overweight

Morgan Stanley upgraded Tapestry (TPR) to Overweight from Equal Weight with a price target of $90, up from $75. Tapestry’s tariff resilience and brand momentum “should be particularly advantageous in this backdrop,” says the analyst, who sees room for positive revisions in the next twelve months, which should enable further valuation re-rating. The firm sees “a strong case for upside” to consensus FY26 profitability forecasts and models high-single digit percentage upside to where it thinks Street FY26 EPS forecasts move post-print, the analyst tells investors.