Tapestry Inc. (TPR) PT Raised to $55 at Wells Fargo, 'No Need for a "Coach-ing" Change Here'

Wells Fargo analyst Ike Boruchow raised the price target on Tapestry Inc. (NYSE: TPR) to $55.00 (from $45.00) while maintaining a Overweight rating.

The analyst comments "What Do We Think from Here? Bucking the trend, managing through the macro. Bigger picture, TPR re-based numbers last Q and is now executing against their plans. The lack of wholesale exposure is a key positive (< 10% of sales, -LSD in 2Q), while the high exposure to China (~18% of sales) lends visibility to rev growth go-fwd. Tweaking FY23/24 EPS to $3.72/$4.10 (from:$3.68/$4.22) and raise our PT to $55 (from $45) based on 9-10x EBITDA."

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