Citi raised the firm’s price target on Tapestry (TPR) to $94 from $81 and keeps a Buy rating on the shares. The company’s fiscal Q3 was another quarter of “very strong results” from the core Coach brand, the analyst tells investors in a research note. The firm says Coach continues to accelerate while Kate Spade “remains disappointing.” However, Kate’s turnaround efforts are only starting to get underway and it is the Coach brand that is key to Tapestry’s free cash flow generating power, contends Citi. The firm expects upside to consensus estimates in Q4 and beyond and believes the stock will continue to outperform.
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Read More on TPR:
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