Credit Suisse analyst Michael Binetti maintained an Outperform rating on Tapestry and lowered his price target to $45 from $54 following the company's quarterly results. In a research note to investors, Binetti says he thinks comments about macro volatility were to highlight Coach's "strong" international trends in a tough macro and were not an "ominous forward signal." While he was "disappointed" that the Kate Spade acceleration was pushed out, Binetti says conversations with Tapestry did not suggest problems beyond a slower-than-planned clearing of non-go-forward inventory.

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