TD upgrades Tapestry to Buy on continued Coach momentum

TD Cowen upgraded Tapestry (TPR) to Buy from Hold with a price target of $100, up from $90. The firm cites continued brand momentum at Coach, the company’s $1B footwear opportunity, and its survey that indicates “strong brand heat and preferences” for the upgrade. Tapestry has globally diversified growth and customer data platform supporting a “marketing flywheel,” the analyst tells investors in a research note. TD sees upside to the stock’s multiple. It left a recent meeting with management “incrementally positive” on the durability of Coach growth and the company’s overall pricing momentum.