Wells Fargo Maintains Overweight Rating for Tapestry: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Wells Fargo has maintained its Overweight rating on Tapestry (NYSE:TPR) and increased its price target from $50.00 to $60.00. Despite a 1.27% decline in share price over the last 24 hours to $39.51, the new target suggests a potential 51.86% upside. Tapestry, owning brands like Coach, Kate Spade, and Stuart Weitzman, recently agreed to acquire Capri, adding brands such as Michael Kors, Versace, and Jimmy Choo.
February 02, 2024 | 5:00 pm
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Wells Fargo maintains Overweight rating on Tapestry, raising price target from $50 to $60, despite a recent 1.27% drop in share price to $39.51. The acquisition of Capri could significantly enhance Tapestry's brand portfolio.
The maintained Overweight rating and increased price target by Wells Fargo indicate a strong confidence in Tapestry's growth potential, especially with the strategic acquisition of Capri. The acquisition is likely to enhance Tapestry's market position and brand portfolio, potentially leading to increased investor interest and stock price appreciation in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100