Tapestry upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Brooke Roach upgraded Tapestry to Buy from Neutral with a price target of $44, up from $37. Top-line trends are "likely to remain lackluster," especially due to potential headwinds to the middle-income consumer following robust growth in 2022, but Roach believes Tapestry has scope to relatively outperform peers in 2023. Her brand momentum trackers indicate that the Coach brand continues to show better relative momentum than other brands in her coverage universe, the analyst added.