Tapestry upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Michael Binetti upgraded Tapestry to Outperform from In Line with a price target of $50, up from $30. Tapestry’s P/E has significantly lagged the recent peer group re-rating as the core Coach brand accelerates, and the firm believes Capri brands are significantly under-invested, the analyst tells investors in a research note. The firm thinks Tapestry’s P/E can start to expand on the accelerating core business.