Why Capri Holdings Stock Is Falling Today
Portfolio Pulse from Nabaparna Bhattacharya
Capri Holdings' stock is falling after a judge blocked its acquisition by Tapestry, Inc. Both companies plan to appeal the decision. Wells Fargo has lowered Capri's price target, while Tapestry's target was raised. Capri's stock dropped by 47.2%, while Tapestry's shares are gaining.
October 25, 2024 | 4:09 pm
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POSITIVE IMPACT
Tapestry's shares are gaining after a judge blocked its acquisition of Capri Holdings. The company plans to appeal the decision. Wells Fargo raised its price target from $50 to $65.
Despite the legal setback, Tapestry's stock is gaining, possibly due to the market viewing the blocked acquisition as a positive outcome. The raised price target by Wells Fargo supports this sentiment.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Capri Holdings' stock fell 47.2% after a judge blocked its acquisition by Tapestry. The company plans to appeal the decision. Wells Fargo lowered its price target from $42 to $23.
The blocking of the acquisition is a significant legal setback for Capri Holdings, leading to a sharp decline in its stock price. The lowered price target by Wells Fargo further indicates negative sentiment.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100