Tapestry price target lowered to $48 from $52 at Baird

Baird lowered the firm’s price target on Tapestry to $48 from $52 and keeps an Outperform rating on the shares. The firm said FQ4 was a bit of a mixed bag; in-line with guidance but a hair below consensus. Coach solid but Kate softer but the steady outlook demonstrates adept execution in a tougher macro backdrop.