JPMorgan raised the firm’s price target on Tapestry (TPR) to $104 from $88 and keeps an Overweight rating on the shares after meeting with management. The message from management was accelerating growth with a “breakout quarter” for the Coach brand, driving “step-function” change for the Tapestry portfolio with top- and bottom-line drivers, the analyst tells investors in a research note. The firm sees an accelerating Coach growth profile and with a “call option” for Kate Spade.
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