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:
- Tapestry price target raised to $85 from $74 at Raymond James
- Tapestry, Inc. Reports Strong Q3 Results and Raises Outlook
- Tapestry’s Record Earnings and Positive Outlook
- Morgan Stanley upgrades ‘scarce positive revision story’ Tapestry to Overweight
- Tapestry upgraded to Overweight from Equal Weight at Morgan Stanley
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