Tapestry price target raised to $56 from $46 at JPMorgan

JPMorgan raised the firm’s price target on Tapestry to $56 from $46 and keeps an Overweight rating on the shares. The analyst is citing the company’s Q2 earnings beat and raised guidance while noting that the stock represents an “undervalued opportunity”. Tapestry is in the early-inning AUR expansion operating in a mid- to high-single-digit global growth category and also should benefit from increased digital penetration, the firm tells investors in a research note.