Credit Suisse Upgrades Tapestry Inc. (TPR) to Outperform

February 22, 2021 6:04 AM EST
Get Alerts TPR Hot Sheet
Price: $45.16 +0.51%

Rating Summary:
    20 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 10 | New: 17
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Credit Suisse analyst Michael Binetti upgraded Tapestry Inc. (NYSE: TPR) from Neutral to Outperform with a price target of $50.00 (from $39.00).

The analyst comments "Our meetings with TPR last week increased our conviction that—in addition to our bullish handbags category outlook as lockdowns diminish—TPR’s investments over the past year in important future growth channels/geos are working better than we appreciated (Digital growth +triple digits, Mainland China +30% in F2Q) and set TPR up for EPS above current Consensus FY22 & FY23 estimates, in our view. Separately, we think the market under-appreciates how powerful a more rational competitive backdrop can be for the high-margin handbags category (with both TPR & CPRI both articulating bigger commitments than we’ve seen in years to stronger pricing/margin integrity). We see a better multi-year EPS path, and we’re raising our FY23E EPS to $3.50 from $3.15 (+11% above Consensus $3.16)."

For an analyst ratings summary and ratings history on Tapestry Inc. click here. For more ratings news on Tapestry Inc. click here.

Shares of Tapestry Inc. closed at $39.46 yesterday.

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