JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Tapestry (NYSE:TPR) Stock

Tapestry (NYSE:TPR) had its price objective increased by research analysts at JPMorgan Chase & Co. from $66.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the luxury accessories retailer’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 18.67% from the stock’s previous close.

A number of other brokerages have also recently issued reports on TPR. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. BMO Capital Markets boosted their target price on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. Citigroup lifted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird boosted their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.47.

Tapestry Price Performance

Shares of NYSE:TPR opened at $63.20 on Monday. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company has a 50-day moving average price of $53.20 and a 200 day moving average price of $45.78. Tapestry has a 52 week low of $35.06 and a 52 week high of $65.30. The company has a market cap of $14.73 billion, a P/E ratio of 18.27, a PEG ratio of 1.80 and a beta of 1.60.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by company insiders.

Institutional Trading of Tapestry

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Waldron Private Wealth LLC acquired a new stake in Tapestry during the 3rd quarter worth $25,000. Brooklyn Investment Group acquired a new stake in Tapestry during the 3rd quarter worth approximately $47,000. Blue Trust Inc. increased its holdings in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares in the last quarter. MUFG Securities EMEA plc raised its position in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares during the last quarter. Finally, Chilton Capital Management LLC bought a new position in Tapestry in the second quarter valued at $53,000. 90.77% of the stock is owned by institutional investors.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.