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Fly News Breaks for August 16, 2019
Aug 16, 2019 | 08:08 EDT
Needham analyst Rick Patel lowered his price target on Tapestry to $35 and also cut his FY20 EPS view to $2.57 from $2.83 following its Q4 earnings and a "considerably lower" reset in expectations, driven by the comps miss at Kate Spade. The analyst still keeps his Buy rating however, noting that Tapestry's Coach business continues to perform well in a tough environment, and the assumptions for Kate Spade are now reflected in guidance with an "appropriately low bar" based on the brand's "poor visibility." After yesterday's 22% stock price sell-off, Patel believes that risk/reward on Tapestry is still favorable.
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