Fintel reports that on May 15, 2023, Bernstein upgraded their outlook for Tapestry (NYSE:TPR) from Market Perform to Outperform .
Analyst Price Forecast Suggests 22.65% Upside
As of May 11, 2023, the average one-year price target for Tapestry is 50.51. The forecasts range from a low of 38.68 to a high of $63.00. The average price target represents an increase of 22.65% from its latest reported closing price of 41.18.
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The projected annual revenue for Tapestry is 6,649MM, a decrease of 0.26%. The projected annual non-GAAP EPS is 3.67.
What is the Fund Sentiment?
There are 1323 funds or institutions reporting positions in Tapestry. This is an increase of 47 owner(s) or 3.68% in the last quarter. Average portfolio weight of all funds dedicated to TPR is 0.26%, an increase of 20.48%. Total shares owned by institutions decreased in the last three months by 3.01% to 265,620K shares. 
The put/call ratio of TPR is 0.99, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 16,459K shares representing 6.97% ownership of the company. In it's prior filing, the firm reported owning 15,019K shares, representing an increase of 8.75%. The firm decreased its portfolio allocation in TPR by 85.94% over the last quarter.
Franklin Resources holds 8,325K shares representing 3.53% ownership of the company. In it's prior filing, the firm reported owning 11,045K shares, representing a decrease of 32.68%. The firm decreased its portfolio allocation in TPR by 81.73% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,319K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 7,182K shares, representing an increase of 1.87%. The firm increased its portfolio allocation in TPR by 26.06% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 6,208K shares representing 2.63% ownership of the company. In it's prior filing, the firm reported owning 6,124K shares, representing an increase of 1.35%. The firm increased its portfolio allocation in TPR by 25.70% over the last quarter.
SEEGX - JPMorgan Large Cap Growth Fund Class I holds 5,704K shares representing 2.42% ownership of the company. In it's prior filing, the firm reported owning 5,222K shares, representing an increase of 8.46%. The firm increased its portfolio allocation in TPR by 28.18% over the last quarter.
Tapestry Background Information
(This description is provided by the company.)
Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands. The Company's portfolio includes Coach, Kate Spade and Stuart Weitzman. The Company and its brands are founded upon a creative and consumer-led view of luxury that stands for inclusivity and approachability. Each of Tapestry's brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
