Edward Jones analyst Brian Yarbrough downgraded Tapestry (TPR) to Hold from Buy while removing shares from the the firm’s Stock Focus List after Tapestry announced the acquisition of Capri Holdings (CPRI) for $8.5B. The analyst voices concerns around the acquisition of Capri during a period of slowing growth for all three of its brands and is also concerned that several brands are currently in different stages of turnaround and “the acquisition histories of both companies have been poor.”
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Read More on TPR:
- Early notable gainers among liquid option names on August 11th
- Tapestry price target lowered to $49 from $54 at Telsey Advisory
- Capri Holdings downgraded to Equal Weight from Overweight at Wells Fargo
- Capri Holdings downgraded to Market Perform from Strong Buy at Raymond James
- Capri Holdings downgraded to Neutral from Buy at Guggenheim