Bernstein named Tapestry Inc. (NYSE: TPR) a top 2018 pick, calling it a stock for a stock picker's market.

Analyst Jamie Merriman cxited three reasons: we believe the turnaround at Coach is ongoing, synergies should drive Kate Spade and in turn Tapestry margins higher, and despite a ~10% expected EPS CAGR over the next five years and a 3% dividend yield the stock is trading 1 std. dev. below average compared to its historical relative average P/E multiple.

The firm maintained an Outperform rating and price target of $54.00

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 $46.96 yesterday.