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Fly News Breaks for August 16, 2019
Aug 16, 2019 | 07:57 EDT
As previously reported, MKM Partners analyst Roxanne Meyer downgraded Tapestry to Neutral and slashed her price target to $21 from $52 after its Q4 results. The analyst notes that her prior Buy rating was predicated on expectations of continued momentum at Coach and an inflection at Kate Spade, adding that while Coach performed well in spite of the macro headwinds, Kate Spade's soft outlook implies a "deterioration of trends" that may require several quarters to fix. Meyer states that after yesterday's 22% sell-off, the downside in Tapestry stock is limited, though she also does not see any positive catalysts to drive "material upside".
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