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TPR

Tapestry

$31.23

-0.72 (-2.25%)

13:49
03/22/19
03/22
13:49
03/22/19
13:49

Tapestry option volume 4x normal as shares test multiyear lows

Tapestry option volume 4x normal as shares test multiyear lows. Shares of the luxury accessories company trading down 76c, or 2.4%, near $31.19 with heavy volume of 5400 contracts and puts leading calls 3:2. Largest block traded on NYSE-Arca this morning when a buyer paid 1.25 for 2K May 30 puts to open a new position. Implied volatilities are higher in all terms. chart

TPR Tapestry
$31.23

-0.72 (-2.25%)

02/08/19
NEED
02/08/19
NO CHANGE
Target $42
NEED
Buy
Tapestry price target lowered to $42 from $50 at Needham
Needham analyst Rick Patel lowered his price target on Tapestry to $42, saying its Q2 results had "more bad than good". The analyst cites "weak comps at Kate" and gross margin miss at Coach overshadowing progress made at Stuart. Patel also keeps his Buy rating on Tapestry longer term and expects it to generate sales growth given the "long runways" at Kate and Stuart.
02/08/19
COWN
02/08/19
NO CHANGE
Target $42
COWN
Outperform
Tapestry price target lowered to $42 from $62 at Cowen
Cowen analyst Oliver Chen lowered his price target on Tapestry to $42 from $62 following Q2 results. The analyst believes the company may have taken a step backwards and valuation is likely to be held back in the near-term as Kate Spade results disappointed. He believes investors are likely to focus on new risks and global uncertainties and the company's ability to balance margin expansion versus growth. Chen maintained his Outperform rating on Tapestry shares.
02/08/19
ADAM
02/08/19
NO CHANGE
Target $41
ADAM
Buy
Tapestry price target lowered to $41 from $58 at Canaccord
Canaccord analyst Camilo Lyon lowered his price target on Tapestry to $41 from $58 following its Q2 miss, which he said was disappointing for many reasons, including brand disappointments. The analyst said the issues call into question the confidence he can put into the company achieving its EBIT growth target in 2020. However, Lyon maintained his Buy rating on Tapestry shares.
02/11/19
MKMP
02/11/19
NO CHANGE
Target $52
MKMP
Buy
Tapestry price target lowered to $52 from $63 at MKM Partners
MKM Partners analyst Roxanne Meyer lowered her price target on Tapestry to $52, reducing her implied multiple to 18-times her expected FY20 earnings from 20-times after its recent Q2 earnings miss and the disappointing guidance for the second half of FY19. The analyst also believes that Tapestry is a "dislocated stock" with a "misunderstood story" and recommends that investors buy shares now, noting that investors concerns over the management's ability to integrate of Kate Spade and the company's reduced visibility toward double-digit earnings growth at Coach in 2020 are not warranted.

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