Tapestry price target lowered to $32 from $39 at UBS

UBS lowered the firm’s price target on Tapestry (TPR) to $32 from $39 and keeps a Neutral rating on the shares. The weak results from peer Capri (CPRI) drive the price target reduction, and the firm still sees more downside than upside risk for the Street’s EPS outlook for both Tapestry and Capri due to weakening macro trends, the analyst tells investors in a research note.