Tapestry Gets Price Target Bumps From Analysts After Q2 Earnings

Tapestry Inc TPR reported better-than-expected Q2 earnings.

Tapestry reported a second-quarter FY23 sales decline of 5% year-on-year to $2.025 billion, versus the analyst consensus of $2.03 billion. Adjusted EPS of $1.33 beat the analyst consensus of $1.27.

Tapestry raised its FY23 EPS outlook from $3.60-$3.70 to $3.70-$3.75 versus the consensus of $3.65. The company expects FY23 sales of $6.6 billion (prior view $6.5 billion - $6.6 billion) versus the consensus of $6.61 billion.

Tapestry shares rose 3.5% to close at $44.71 on Thursday.

These analysts made changes to their price targets on Tapestry after the company released quarterly results.

• Telsey Advisory Group raised the price target on Tapestry from $52 to $54. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating on the stock.
• Baird boosted Tapestry price target from $45 to $52. Baird analyst Mark Altschwager maintained an Outperform rating on the stock.
• Credit Suisse raised the price target on the stock from $45 to $55. Credit Suisse analyst Michael Binetti maintained the stock with an Outperform rating.

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