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TPR

Tapestry

$44.48

1.39 (3.23%)

09:27
10/17/18
10/17
09:27
10/17/18
09:27

Tapestry upgraded to Equal Weight from Underweight at Morgan Stanley

  • 19

    Nov

TPR Tapestry
$44.48

1.39 (3.23%)

10/16/18
NEED
10/16/18
UPGRADE
NEED
Buy
Tapestry upgraded to Buy from Hold at Needham
10/16/18
NEED
10/16/18
UPGRADE
Target $50
NEED
Buy
Tapestry upgraded to Buy at Needham on valuation
As reported earlier, Needham analyst Rick Patel upgraded Tapestry to Buy from Hold and kept his $50 price target. The analyst notes that after a 14% sell-off in the stock price driven by tariff-related concerns and the slowdown of Asia sales at LVMH, the risk-reward is favorable. Patel estimates that the hit to EPS from the impact of the handbag tariff should be "relatively modest" at about 1%. The analyst further notes that Tapestry has "ample white space" for long term growth in China through new distribution, while its North America sales indicate "well-controlled promotions for Coach and Kate Spade. Patel points to the company's current discounted valuation of about 14.5-times forward earnings vs. the 5-year average of 16-times, stating that it is a "good time to buy on weakness".
10/16/18
10/16/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. NEEDHAM SAYS BUY TAPESTRY: Needham analyst Rick Patel upgraded Tapestry to Buy from Hold and kept his $50 price target. The analyst notes that after a 14% selloff in the stock price driven by tariff-related concerns and the slowdown of Asia sales at LVMH, the risk-reward is favorable. Patel estimates that the hit to EPS from the impact of the handbag tariff should be "relatively modest" at about 1%. The analyst further notes that Tapestry has "ample white space" for long term growth in China through new distribution, while its North America sales indicate "well-controlled promotions" for Coach and Kate Spade. ANALYSTS SAY BUY FACEBOOK IN NEW INITIATIONS: Loop Capital analyst Alan Gould initiated Facebook with a Buy rating and a price target of $210, saying the stock is valued "quite attractively" after a "strong year financially and a challenging year operationally". The analyst also notes that the company's guidance is likely "conservative" given the company's propensity to beat consensus estimates. Meanwhile, Rosenblatt analyst Mark Zgutowicz started Facebook with a Buy rating in a note partially entitled "Facebook: Value, Not Trap." Given the stock's current valuation, there appears to be little confidence consensus expectations will be met and he is "in that camp," forecasting calendar 2019 EPS that is about 8% below consensus, Zgutowicz tells investors. However, with that said, he sees the anticipated EPS shortfall as priced in the shares and would be a buyer of the stock in front of the Q3 report, stating that he sees a bottoming for News Feed fatigue and enough light ahead with new product innovation and Instagram and Watch optionality. Zgutowicz set a $213 price target on Facebook shares. TILRAY TARGET SET AT $200 AS CANADA GETS READY TO LEGALIZE: Benchmark analyst Mike Hickey initiated coverage of Tilray with a Buy rating and $200 price target, citing its early leadership in the medical cannabis market in Canada and the upcoming legalization of recreational cannabis, which begins in the North American nation tomorrow. He believes the company's strategic alliance with Novartis (NVS) and supply agreements with Canadian pharmacies that give Tilray a competitive edge in the Canadian medical cannabis market, Hickey tells investors. He also believes the potential international opportunity is "enormous," estimating that the global cannabis market opportunity could exceed $200B over the long-term. JEFFERIES SEES NO COMPETING BIDS FOR PINNACLE: Jefferies analyst Akshay Jagdale downgraded Pinnacle Foods (PF) to Hold from Buy and lowered his price target for the shares to $68 from $72. The analyst assumes Conagra Brands' (CAG) bid to buy the company for $68 will go through without any competing bids. The stock should trade in line with its $68 transaction price until completion of the deal, Jagdale tells investors. GOLDMAN PREDICTS AVIS, HERTZ OUTLOOKS WILL DISAPPOINT: Goldman Sachs analyst David Tamberrino nudged the price target on Avis Budget (CAR) lower to $30 from $31 while keeping the price target on Hertz at $13 as part of his broader research note previewing Q3 results for the two Sell-rated U.S. car rental names. The analyst notes that Hertz (HTZ) may top Q3 consensus earnings and Avis Budget could miss based on his analysis of their respective pricing trends and residual values, but both have an added risk from reduced airport volume growth amid tightening competition among the ride hailing operators like Uber and Lyft. Tamberrino expects the car rental industry to remain challenged overall, noting that positive pricing will not be sustained, residual values will be pressured as more cars come off lease, and rising interest rates exert pressure on their balance sheets' high debt levels.
10/16/18
10/16/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Symantec (SYMC) upgraded to Market Perform from Underperform at Cowen with analyst Gregg Moskowitz saying he believes the company continues to face fundamental challenges, though he sees downside risk as very limited at current levels. 2. Las Vegas Sands (LVS) upgraded to Buy from Hold at HSBC. 3. Cognex (CGNX) upgraded to Buy from Hold at Needham with analyst James Ricchiuti saying 2019 should produce a better outcome thanks to Cognex's "robust growth in logistics, emerging 3D machine vision and deep learning technologies." 4. Tapestry (TPR) upgraded to Buy from Hold at Needham with analyst Rick Patel saying after a 14% sell-off in the stock price driven by tariff-related concerns and the slowdown of Asia sales at LVMH (LVMUY), the risk-reward is favorable. 5. Cracker Barrel (CBRL) upgraded to Outperform from Market Perform at Telsey Advisory. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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TLRA

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TILE

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  • 11

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WPP

WPP

$51.13

-0.98 (-1.88%)

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  • 11

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TCBK

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SFIX

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SYX

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  • 11

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WPP

WPP

$51.13

-0.98 (-1.88%)

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General news
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WPP

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$51.13

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  • 11

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FB

Facebook

$141.87

4.45 (3.24%)

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GOOG

Alphabet

$1,040.02

3.5 (0.34%)

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$1,052.80

5.81 (0.55%)

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  • 11

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CWBR

CohBar

$3.64

0.17 (4.90%)

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  • 11

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WMT

Walmart

$93.92

0.71 (0.76%)

05:36
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BNFT

Benefitfocus

$50.82

(0.00%)

05:30
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  • 18

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VRNT

Verint

$44.86

-0.23 (-0.51%)

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  • 11

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NCSM

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SLCJY

SLC Agricola

$0.00

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05:20
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PFE

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IKTSY

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$0.00

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WEX

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-0.875 (-0.57%)

05:07
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  • 11

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FLT

FleetCor

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FIS

FIS

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1.07 (1.02%)

05:05
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  • 13

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FISV

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ACOR

Acorda Therapeutics

$19.08

0.48 (2.58%)

05:03
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