Wells Fargo Maintains Overweight Rating for Tapestry: Here's What You Need To Know

Wells Fargo has decided to maintain its Overweight rating of Tapestry TPR and raise its price target from $50.00 to $60.00.

Shares of Tapestry are trading down 1.27% over the last 24 hours, at $39.51 per share.

A move to $60.00 would account for a 51.86% increase from the current share price.

About Tapestry

Coach, Kate Spade, and Stuart Weitzman are Tapestry's fashion and accessory brands. The firm's products are sold through about 1,400 company-operated stores, wholesale channels, and e-commerce in North America (66% of fiscal 2023 sales), Europe, Asia (29% of fiscal 2023 sales), and elsewhere. Coach (75% of fiscal 2023 sales) is best known for affordable luxury leather products. Kate Spade (21% of fiscal 2023 sales) is known for colorful patterns and graphics. Women's handbags and accessories produced 69% of Tapestry's sales in fiscal 2023. Stuart Weitzman (4% of sales) generates nearly all its revenue from women's footwear. In August 2023, Tapestry agreed to acquire rival Capri and its three brands, Michael Kors, Versace, and Jimmy Choo.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.