Tapestry price target lowered to $45 from $50 at Barclays

Barclays analyst Adrienne Yih lowered the firm’s price target on Tapestry to $45 from $50 and keeps an Equal Weight rating on the shares. The firm’s promotional tracker shows promos in Q1 are running similar to Q4 levels and suggest that "consumers across all income brackets are pulling back" on discretionary product spending, the analyst tells investors. The firm also sees increasing risk to hopes for a demand recovery in the second half of the year.