TD Cowen analyst Oliver Chen has maintained their bullish stance on TPR stock, giving a Buy rating on October 27.
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Oliver Chen has given his Buy rating due to a combination of factors that highlight Tapestry’s strong market position and growth potential. The momentum of the Coach brand is a significant driver, with sales estimates for the upcoming quarter appearing achievable, supported by a robust year-to-date performance. Despite the stock’s substantial rise of approximately 75% this year, the valuation remains attractive compared to historical averages, suggesting further upside potential.
Additionally, the luxury sector’s overall strong performance, exemplified by LVMH’s revenue growth in key segments, provides a favorable backdrop for Tapestry. The company’s ability to outperform in challenging markets like China further underscores its resilience and growth prospects. These elements collectively justify the Buy rating, as Tapestry is well-positioned to continue its positive trajectory in the luxury market.
In another report released on October 27, Wells Fargo also maintained a Buy rating on the stock with a $135.00 price target.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TPR in relation to earlier this year.