UBS lowered the firm’s price target on Tapestry (TPR) to $39 from $44 and keeps a Neutral rating on the shares. Tapestry’s announced acquisition of Capri Holdings (CPRI) changes the investment thesis for the stock, and while the firm believes the deal will close by the end of Tapestry’s FY24, it is not necessarily a positive catalyst for the stock, the analyst tells investors in a research note.
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