Capri Holdings price target lowered to $23 from $26 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Capri Holdings (CPRI) to $23 from $26 and keeps a Market Perform rating on the shares. The termination of its merger agreement with Tapestry (TPR) did not come as a surprise for the firm, since the injunction handed last month put the agreement’s outside date in jeopardy, the analyst tells investors. With 18 months of limited strategic optionality combined with execution missteps, the firm believes significant work is needed over an extended timeline to return to recent levels of profitability.