Kate Spade Owner Tapestry Pops on Deutsche Bank Vote of Confidence

Kate Spade Owner Tapestry Pops on Deutsche Bank Vote of Confidence

Investing.com  | Sep 16, 2020 16:29

Kate Spade Owner Tapestry Pops on Deutsche Bank Vote of Confidence

By Christiana Sciaudone

Investing.com --  Tapestry (NYSE:TPR) jumped 9% on Wednesday after getting a boost from Deutsche Bank (DE:DBKGn). 

Analyst Paul Trussell upgraded the owner of Coach and Kate Spade to buy from hold and upped his price target to $21 from $18, according to StreetInsider. 

Increased efforts to refocus brands, reduce SKU count, increase average unit revenue and accelerate its omnichannel strategy to expand margins are among the reasons why Trussell bumped the stock higher.

"While TPR's valuation on a P/E basis has rebounded somewhat from the March lows, it has not seen the same level of recovery as its manufacturing and specialty/footwear peers," Trussell wrote. "Specialty and footwear retailers saw a 7.7x average multiple expansion during the same time frame, and apparel manufacturers gained 6.9x turns vs. TPR's more modest 2.6x. Lastly, we now see sufficient upside (25% from current levels) with revised EPS estimates as we incorporate a much faster than anticipated top-line recovery." 

Shares are trading at their highest since March, just above $18. The stock has six buy ratings, six holds and no sells. Last month, the company reported better-than-expected earnings for the quarter.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.

';