Tapestry (NYSE:TPR) Given New $66.00 Price Target at JPMorgan Chase & Co.

Tapestry (NYSE:TPR) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $51.00 to $66.00 in a report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the luxury accessories retailer’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 30.72% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Evercore ISI lowered their price target on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Citigroup decreased their target price on shares of Tapestry from $50.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $54.00 price target on shares of Tapestry in a research report on Thursday, August 15th. Finally, UBS Group lowered their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $51.73.

Tapestry Stock Up 13.5 %

TPR stock opened at $50.49 on Friday. The company has a current ratio of 5.14, a quick ratio of 4.66 and a debt-to-equity ratio of 2.39. The firm has a 50-day moving average of $43.54 and a two-hundred day moving average of $41.88. Tapestry has a 12 month low of $25.99 and a 12 month high of $51.58. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 1.67 and a beta of 1.53.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 earnings per share. As a group, analysts forecast that Tapestry will post 4.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tapestry

Several large investors have recently added to or reduced their stakes in the business. Park Avenue Securities LLC boosted its position in Tapestry by 22.7% in the 1st quarter. Park Avenue Securities LLC now owns 9,664 shares of the luxury accessories retailer’s stock valued at $459,000 after buying an additional 1,785 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Tapestry in the first quarter valued at $253,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Tapestry in the first quarter valued at $260,000. Norden Group LLC acquired a new position in Tapestry during the 1st quarter worth $297,000. Finally, Uncommon Cents Investing LLC increased its holdings in Tapestry by 1.8% during the 1st quarter. Uncommon Cents Investing LLC now owns 28,305 shares of the luxury accessories retailer’s stock worth $1,344,000 after purchasing an additional 510 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.