Tapestry price target lowered to $46 from $49 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Tapestry to $46 from $49 but keeps a Buy rating on the shares. The company’s Q4 results were modestly weaker-than-expected, with healthy sales growth at Coach and solid gross margins offset by weaker sales at Kate Spade/Stuart Weitzman and SG&A, the analyst tells investors in a research note. The firm adds however that its constructive view on the stock is intact, stating that while several headwinds in the quarter were larger than prior expectations as a result of weaker conversion trends for the value-oriented consumer, it remains encouraged by Tapestry’s actions to improve sales trends and management’s commentary regarding a significant acceleration quarter-to-date.