Tapestry assumed at Hold from Buy at Jefferies

Jefferies downgraded Tapestry (TPR) to Hold from Buy with a price target of $138, down from $142, while assuming coverage of the stock and the fashion brands group. The firm raised Q2 numbers above the Street based on accelerating alternative data through December, but downgrades shares based on a more balanced risk/reward outlook at current levels given the run in the stock, the analyst tells investors.