Tapestry Inc. (TPR) PT Raised to $46 at JPMorgan, Added to Analyst Focus List

JPMorgan analyst Matthew Boss raised the price target on Tapestry Inc. (NYSE: TPR) to $46.00 (from $41.00) while maintaining a Overweight rating.

The analyst comments "We see TPR’s bottom-line growth accelerating with opportunity across the top line, gross margin, SG&A, and capital allocation driving a return to double-digit compounding TSR, by our model. Specifically, we note the combination of (i) early-inning AUR expansion operating in a mid- to high-single-digit global growth category, (ii) increased digital penetration (30% today vs. high-single digits pre-pandemic) that is customer and bottom-line accretive, and (iii) $300M “Program Accelerate” expense efficiencies driving accelerated bottom-line growth. We rate TPR Overweight."

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