These Analysts Cut Their Forecasts On Tapestry After Q1 Results
Portfolio Pulse from Lisa Levin
Tapestry Inc (NYSE:TPR) reported a slight increase in Q1 FY24 sales but missed analyst consensus estimates. Adjusted EPS beat expectations. The company lowered its FY24 sales forecast, leading to a 0.9% drop in share price. Raymond James and Goldman Sachs reduced their price targets on Tapestry, maintaining Outperform and Buy ratings respectively.
November 10, 2023 | 6:24 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Tapestry's Q1 FY24 sales growth was marginal and below estimates, with a reduced FY24 sales forecast. Adjusted EPS exceeded expectations. Shares fell 0.9% after the report. Analysts at Raymond James and Goldman Sachs lowered their price targets but maintained positive ratings.
The reduced sales forecast and the miss on sales estimates are likely to negatively impact investor sentiment in the short term, despite the beat on adjusted EPS. The drop in share price reflects initial market reaction. Analyst downgrades in price targets, even with positive ratings, could further pressure the stock.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100