Tapestry price target raised to $83 from $80 at Jefferies

Jefferies raised the firm’s price target on Tapestry (TPR) to $83 from $80 and keeps a Buy rating on the shares. For fiscal Q2, the firm expects an EPS beat driven by the company’s share buybacks, noting that it models $1.83 EPS, versus $1.74 consensus and guidance of $1.70. Tapestry remains the firm’s top fashion pick with upside driven by buybacks and Coach, the analyst added in a preview for the fashion brands group.