Tapestry downgraded to Neutral at BofA following 66% year-to-date advance

As previously reported, BofA downgraded Tapestry (TPR) to Neutral from Buy with a price target of $115, up from $95. The 66% year-to-date run in the stock price puts the stock near its peak multiple and leaves the shares close to fair value, the analyst tells investors. However, the Coach brand has several more quarters of outsized growth ahead, adds the firm, which expects a “strong” Q4 report and is changing its valuation to reflect continued confidence in the momentum at Coach.