RBC Capital analyst Brian Tunick raised his price target on Tapestry to $53 after the company's Q2 earnings beat. The analyst cites improvements in the Coach brand global comps as well as the overall boost from the healthy retail environment, with rising traffic and global premium handbag market growth. Tunick keeps his Outperform rating on Tapesty, noting additional market share capture opportunities, 2%-3% margin expansion potential, and free cash flows of nearly $750M leading to more acquisitions over the next 12 months.

Capri Holdings (CPRI) shares could fall to the low-to-mid $20s if Tapestry's (TPR) $57 per share takeover is successfully blocked by the Federal Trade Commission, Yiqin Shen of Bloomberg reports, citing a survey of 20 merger-arbitrage specialists. The survey, conducted on Tuesday, focuses on merger-arbitrage estimates on the Capri's downside price - a level that reflects the stock's fundamental value by the end of 2024, when the outcome of the FTC's challenge is expected to be either upheld or overturned in court, Shen notes. Shares of Capri Holdings are down 5% to $34.81 in midday trading.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here