Tapestry price target lowered to $40 from $55 at TD Cowen

TD Cowen lowered the firm’s price target on Tapestry to $40 from $55 and keeps an Outperform rating on the shares. The firm said the company continues to execute well in a challenging consumer backdrop as the company maintained EPS guidance despite a slight revenue outlook cut on slower North America and Asia sales and F/X pressure given strong margins and promo discipline.