Tapestry price target lowered to $49 from $54 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Tapestry (TPR) to $49 from $54 and keeps an Outperform rating on the shares. Any transaction the size of the Capri Holdings (CPRI) deal carries execution risk, and Tapestry is leveraging up with interest rates on the rise against an unclear macro outlook, the analyst tells investors in a research note. However, the firm views Tapestry management as well suited to successfully integrate Capri.