Jefferies lowered the firm’s price target on Tapestry (TPR) to $50 from $53 and keeps a Buy rating on the shares. The firm lowers EPS estimates about 4% below consensus for Capri Holdings (CPRI) and Tapestry for the fiscal year as it says alt data and European luxury companies suggest the U.S. consumer is “challenged,” China is recovering, wholesales are “soft,” and promos are “elevated.”
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