Fintel reports that on August 1, 2023, Barclays upgraded their outlook for Tapestry (NYSE:TPR) from Equal-Weight to Overweight.

Analyst Price Forecast Suggests 18.36% Upside

As of July 6, 2023, the average one-year price target for Tapestry is 51.07. The forecasts range from a low of 38.68 to a high of $63.00. The average price target represents an increase of 18.36% from its latest reported closing price of 43.15.

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The projected annual revenue for Tapestry is 6,968MM, an increase of 4.53%. The projected annual non-GAAP EPS is 4.22.

What is the Fund Sentiment?

There are 1350 funds or institutions reporting positions in Tapestry. This is an increase of 41 owner(s) or 3.13% in the last quarter. Average portfolio weight of all funds dedicated to TPR is 0.25%, a decrease of 2.28%. Total shares owned by institutions increased in the last three months by 0.13% to 266,064K shares. The put/call ratio of TPR is 1.00, indicating a bullish outlook.

What are Other Shareholders Doing?

Jpmorgan Chase holds 16,570K shares representing 7.15% ownership of the company. In it’s prior filing, the firm reported owning 15,019K shares, representing an increase of 9.36%. The firm increased its portfolio allocation in TPR by 15.42% over the last quarter.

Franklin Resources holds 8,325K shares representing 3.59% 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 17.62% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 7,325K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 7,319K shares, representing an increase of 0.09%. The firm increased its portfolio allocation in TPR by 4.62% over the last quarter.

SEEGX – JPMorgan Large Cap Growth Fund Class I holds 7,051K shares representing 3.04% ownership of the company. In it’s prior filing, the firm reported owning 5,704K shares, representing an increase of 19.10%. The firm increased its portfolio allocation in TPR by 9.82% over the last quarter.

Victory Capital Management holds 6,518K shares representing 2.81% ownership of the company. In it’s prior filing, the firm reported owning 5,628K shares, representing an increase of 13.66%. The firm decreased its portfolio allocation in TPR by 30.92% 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 article originally appeared on Fintel

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