US court blocks Tapestry's $8.5 billion acquisition of rival Capri

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Go back to US court blocks Tapestry's $8.5 billion acquisition of rival Capri

Tapestry Inc. (TPR) PT Raised to $63 at Evercore ISI

October 25, 2024 5:26 AM EDT

Evercore ISI analyst Michael Binetti raised the price target on Tapestry Inc. (NYSE: TPR) to $63.00 (from $47.00) while maintaining a Outperform rating.

The analyst comments "Today the courts ruled in the FTCs favor for a preliminary injunction to stop TPRs acquisition of CPRI. As mentioned in our April 12th note (here), in this scenario we expected TPR to trade to $51/share quickly if the deal broke down. While TPR/CPRI will follow an appeals process... More