Wells Fargo raised the firm’s price target on Tapestry (TPR) to $165 from $142 and keeps an Overweight rating on the shares. Despite one of the toughest setups this EPS season, Tapestry posted impressive Coach-led growth driving a 15% upward revision to full year guide. Having “comped the comp,” the Coach momentum is now much more visible today and should keep valuation at a premium, Wells adds.
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